There are many situations which might require you to transfer land. You could be selling your property, setting up a family trust, or giving the property as a gift.
Whatever the reason for it is, you need to make sure that the transfer goes smoothly and no mistakes are made.
Follow our Transfer of Land guide to ensure that you get everything done correctly.
Transfer of land guide – How do you transfer a title?
When dealing with such large and valuable assets, it’s essential that you get all the details of your transfer right. The steps involved in transferring land or a title are:
1. Complete the event that has prompted the transfer
Whatever the reason for it is, transferring land or a title usually comes as a result of some other event or decision. Some of these include:
- Purchase or sale of a property
- The death of a proprietor
- Giving the property as a gift
- The breakdown of a relationship
- Establishing a family trust
- Change of holdings on a title
Most of these events require another legal process or agreement which is separate from the transfer of land itself. Whichever event or agreement has triggered the transfer, it must be completed prior to or in conjunction with the transfer.
2. Prepare and fill out transfer of land documents with a lawyer
It is advisable that you get the help of a legal professional to ensure that you don’t make any mistakes in the process.
3. Lodge the documents at the Titles Office and pay the necessary fees
Once the application form has been completed, it must be lodged with the Titles Office. A fee will need to be paid depending on the type and value of the property.
The fee is made up of a flat fee plus a percentage of the property value. You can use the calculator on the DELWP website to find out what the fee will be for your property.
4. New Certificate of Title is issued
Once the application has been lodged and processed, a new Certificate of Title will be issued to the new owner of the property.
Transfer of land checklist – Don’t miss these details
There are a number of details that go along with transferring land or a title which must be completed either before or after the transfer is completed.
The transfer of land checklist includes:
- Be in possession of the Certificate of Title or ensure it has been provided to Land Victoria.
- Verify the identities of all parties.
- A land tax Notice of Acquisition needs to be completed after the transfer.
- Ratings bodies such as the water authority, sewerage and council must be notified of the transfer.
The best way to ensure that no important details are missed during or after the transfer process is to get the help of a lawyer or conveyancer.
Get the right legal advice
Having your transfer of land or a title go smoothly requires planning, organisation, and astute legal knowledge. The best way to get all these things is to hire a lawyer.
A property lawyer will be able to guide you through every step of the process and ensure that the right documents are filled in correctly. They can also advise you on stamp duty and capital gains tax implications.
For expert legal advice on your transfer of property, call Rose Lawyers on 03 9878 5222.