What is a related party property transfer?
Related party property transfers refer to the process of transferring the whole or part of a property to a relative or business partner and can be a great way to minimize stamp duty or protect the property.
Commonly, related party transfers may occur when:
- Transferring property between domestic partners to add or remove a party from title;
- Gifting or selling a property to a child or sibling;
- Removing a person from title following a breakdown in relationship;
- Transferring property in accordance with a will or following probate; and
- Transferring property to or from a trust