Transfer A Title


Every You Need To Know About Transferring a Title

If you want to change the ownership of a property, a title transfer must be completed. A few steps are involved and they vary depending on the type of property ownership, how you are changing the title and whether it is under a mortgage.


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There are several reasons why you may want to change ownership details of a property.  These can include:

  • Divorce. When you purchase a property as part of a relationship and that relationship breaks down you will want to make changes to the details of ownership.
  • Change ownership structure. You may have originally chosen an ownership structure that no longer is relevant for you and anyone you may own the property with.
  • Family reasons. The owner of the property may have become quite ill or unable to properly look after their own affairs in order, they have decided to pass the property onto a family member or the owner may have died. All these situations would require that the family make changes to the ownership.
  • Change in circumstance. A property may have been purchased with the assistance of a friend or family member or as a joint purchase and now there has been a change in financial circumstance that allows one owner to buy the other out.

Costs of changing ownership

  • Stamp duty. Changing property ownership will incur stamp duty, which will be calculated based on the valuation of the land. Usually it is between 3 - 5.5 per cent.  Click here to calculate stamp duty fees >>
  • Capital gains tax (CGT). Selling or transferring ownership may incur a CGT. If the sale involves an investment property, then the seller will need to pay CGT. As a general rule, it is 25% of the capital gain. 
  • Fees. When you sell or transfer the title of a property, you change the conditions of the mortgage, which may incur break fees. 
  • The Land Titles Office provides this link to the LTO fee calculator >>

 
  

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At Dial a Conveyancer we can assist you with your next sale or purchase, anywhere in Adelaide or South Australia.

 

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