All Topics / The Treasure Chest / Title transfer

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  • Profile photo of TheBigLTheBigL
    Member
    @thebigl
    Join Date: 2003
    Post Count: 1
    June 30, 2003 - 5:17 am

    Hi everyone,
    I want to know what is the most cost effective way of transfering a property title. Here is the scenario:

    My parents own a house say $500k and still oweing $50k. He can pay it off within a year. But he wants me to have the house as a gift. From what i know any transfer of title incur some stamp duty. Is this correct? if so is the stamp duty calculate on the $500k?

    What if he sell it to me for say $200k, therefore reducing the stump duty?

    are there any better way?

    thanks in advance for any response. [:)]

    TheBigL

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598
    June 30, 2003 - 5:42 am

    I would guess that stamp duty would be levied on fair market value in a non-arms length transaction. Perhaps you might find the answer here: http://www.osr.nsw.gov.au/portal/page?_pageid=33,63559&_dad=portal&_schema=OSRPTLT or you can email the SRO at [email protected].

    Hope that helps.

    Cheers

    Stu

    Property & Finance News
    at http://www.prosolution.com.au

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