When life changes occur, we're here
to guide you through this process.
Family Transfers & Agreements
Often a complex matter family transfers can have various stamp duty implications. We understand these matters are often personal and discretion is of utmost importance.
Family Transfers & Agreements
There are a number of reasons why you may need to transfer the whole or part of a property to a family member (or another third party).
For example:
- you may have to transfer the whole or part of a property as part of a Family Law settlement
- you may be acquiring an interest in a property presently held by another family member
- you may wish to transfer a property to your child or children
- you are named, together with others, as a beneficiary of an estate and you wish to acquire (subject to the agreement of the other beneficiaries) an additional interest in a property left to you in the Will of the deceased
- you are changing the trustee of your family unit or discretionary trust. Such trustee holds property as an asset of the trust, such property will need to be transferred from the retiring trustee to the new trustee.
There are a number of legal issues that need to be considered when transferring property and Optima are well suited to assist.
Deceased & Continuing Estates
The document(s) required by Land Services SA to enable a dealing of the land to take place upon the death of a Registered Proprietor will depend on how the deceased held the property. For example, Solely, Joint Tenants, Tenants in Common or as Trustee.
The majority of couples in a relationship hold land as Joint Tenants, this enables the property to pass to the survivor upon lodgement of an Application to Register Death.
If on the other hand the land is held Solely or as Tenants in Common a Transmission Application will be required together with supporting documentation to be lodged after the granting of Probate. The Executor(s)/Administrator(s) become the registered proprietors on behalf of the deceased and can deal with the land under the terms of the Will.
Upon the death of a Trustee, the documentation required will depend on various situations and not limited to the number of Trustees registered on the Title.
Optima can assist you at this difficult time by advising, preparing and lodging the required documents.