LawAnswers.com.au - Australia's #1 Legal Community

LawAnswers.com.au is a community of 10,000+ Australians, just like you, helping each other.
Ask a question, respond to a question and better understand the law today!
Join us, it only takes a minute:

TAS De Facto and Property Settlement?

Discussion in 'Family Law Forum' started by Sproutsx3, 25 June 2015.

  1. Sproutsx3

    Sproutsx3 Active Member

    Joined:
    25 June 2015
    Messages:
    6
    Likes Received:
    0
    De facto relationship of 7 years, Tasmania - split/settlement

    Having come to an amicable agreement I assume this still needs to be done via a court stamped settlement order (no children involved)?

    Question mainly is, property in joint names, one person is taking over as part of property settlement agreement with a cash payment to the other party, so merely taking one person's name off the title. My recollection of this is that stamp duty is not payable again due to forming a de facto settlement and merely removing one parties name from the title. Stamp duty is payable on purchases but not a settlement where one party is already a joint owner.

    Can you please confirm or clarify this?

    Cheers.
     
  2. Sophea

    Sophea Well-Known Member

    Joined:
    16 April 2014
    Messages:
    2,300
    Likes Received:
    334
    Hi Sproutsx3,

    I'm not 100% on the situation in TAS, but I know in NSW, QLD & most other states you need to have some proof of your property settlement such as a settlement agreement or consent orders and you provide them to the Land Titles Office with your application for exemption from stamp duty and it can be waived on the transfer.

    Often the problem arises with getting the other party off the mortgage, as the bank's consent is required and sometimes involves the party staying on the mortgage and title to get new finance documentation.
     

Share This Page

Loading...