Is a contract of sale required in related party transfers?
For an amicable transfer of property, where neither party intends to exercise any rights should the other party default, it’s generally not necessary to prepare a formal contract of sale.
However, in some cases the State Revenue Office or a bank may wish to see a formal agreement, or a party may want a formal agreement for tax records, in which case a simple contract may be entered into without the need or expense of preparing a section 32 statement.