Buying a property house is a concept that most people are familiar with, and it’s an exciting time that can be relatively straightforward. However, when you want to transfer property to a spouse, it can be a little more complicated.
With over 40 years experience in conveyancing, there is nothing our team of experts haven’t seen, so we’re well equipped to assist you with this, often tricky, process.
- Transferring house title to spouse
- Can I transfer property to my wife?
- Is stamp duty payable on transfer of property between spouses?
- How to transfer property to a spouse
- Do I need to involve a bank when I transfer property to a spouse?
Transferring house title to spouse
Life events sometimes dictate a need to transfer property to a spouse (or perhaps from)This can come about when you:
- Want to add your spouse onto the title of your current property
- Need to remove your spouse or partner from the property title following a relationship break down; or
- When lifestyle changes dictate a need to change property ownership between spouses and partners
These types of matrimonial transfers might look easy and straightforward but are actually quite lengthy and complicated – much like relationships.
Learn more: changing your title details
So, can I transfer property to my wife?
According to Revenue SA – you can transfer property to a spouse/wife if it is a matrimonial home. a A matrimonial home is a shared principle place of residence of a married or de facto couple or the most recent shared principle place of residence of a separated couple.
Is stamp duty payable on transfer of property between spouses?
Fortunately, the Stamp Duties Act allows for the transfer of a matrimonial home to be free of stamp duty. This is subject to a number of conditions, which include (but are not limited to):
- The couple is or were recently married to each other.
- The couple has been living, or recently living, in a de facto relationship and cohabitating in a bona-fide relationship for no less than 3 years.
How to transfer property to a spouse
So, how to go about it? You will need to engage a property lawyer or conveyancer to commence the transfer process. Eckermann Conveyancers have a great deal of experience in matrimonial transfers. We can ensure your transaction is as pain free as it can be. We will prepare all the necessary legal documents and liaise with relevant parties keeping everyone informed at each stage in the transaction.
Do I need to involve a bank when I transfer property to a spouse?
If the transfer is being completed for Asset Protection, you might want to chat with your lending institution. Confirm with them if they consent to the change without changing your lending structure, or your accountant to make sure you understand the potential taxation implications.
The transfer of property to a spouse can be complicated, if the transaction is not completed correctly, it can turn into a costly and emotionally draining exercise. If you have any questions about the transfer of property to spouses or , family members, you can get in touch with us at any of our 6 offices face to face or by giving us a call on 8366 7900