Many people assume that a family transfer of land—particularly a situation where one family member is ‘gifting’ a piece of land or property to another family member—are somehow less formal than standard buying and selling processes. However, you must conduct even real estate transactions that feel informal in an orderly fashion. Hiring someone experienced in conveyancing in Aberfoyle Park can help you avoid legal issues for these types of family land transfers.
There are several reasons that you need to retain a formal process during family land transfers. First off, a legal transfer of land must take place. Whether the property in question is being bestowed for free or sold for market value, it’s important to lodge the necessary paperwork to render the land transfer legally enforceable. Otherwise, there is no legal validity to the transaction.
Secondly, real estate transfers are considered capital gains tax events by the Australian Taxation Authority. Even if you are giving the property to a family member for free, you still should consider capital gains tax.
Hiring someone to handle your conveyancing in Aberfoyle Park can help you reduce the risk of overstepping legal boundaries. At Blackwood & Belair Conveyancing, we are experienced in family transfers of land and can help you understand and comply with your legal responsibilities. From contracts to paperwork and beyond, we’re there to make sure the process goes smoothly.
Are you interested in learning more about what Blackwood can do for your family land transfers? Call 08 8278 8022 to enquire about our conveyancing services in Aberfoyle Park.