Q. Is a transfer of an interest in a residential property by one party to a marriage (or de facto relationship) to the other party exempt from transfer duty?
A. Yes, if: 1. the transfer is from one party to a subsisting marriage (or de facto relationship) to the other;
2. the transfer is done by way of gift (ie. without valuable consideration) eg. a transfer “by way of natural love and affection”. Generally, this will apply even through there may be an existing mortgage and hence the person acquiring the interest is assuming part of the debt under the existing mortgage;
3. after the transfer they will own the land as Joint Tenants (or Tenants in Common in Equal Shares); and 4. the residence will be the principal place of residence of the parties from the date of the transfer.
To learn more about Stamp Duty on Transfers of Residential Land, contact Ownit Conveyancing today.