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NSW Tenants in Common - Selling My Half of Property - Stamp Duty?

Discussion in 'Property Law Forum' started by Cram, 14 December 2015.

  1. Cram

    Cram Member

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    I currently own a property with my former partner in a " tenants in common" agreement. I wish to sell my half of the property. In selling my share, who pays stamp duty and other associated fees? Is it the buyer or seller? I'm of the understanding that it's the new buyer. I imagine the stamp duty payable is calculated only on my share of the property no the total value of the property?
     
  2. James D. Ford - Solicitor

    James D. Ford - Solicitor Well-Known Member

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    Hi Cram

    How long ago did you separate from your former partner? (by former partner, I assume you mean former de facto partner? - please advise if this is not the case...

    Was a binding financial agreement (property settlement) reached?

    I await your responses before proceeding further...

    Kind regards
     
  3. Cram

    Cram Member

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    Thank you for you reply, sorry I just realised I had omitted some information in my original post. No settlement was discussed at the time of seperation the property in question is an investment property we seperated (de facto) almost 2years ago, but I'm unsure why the time of seperation is relevant?
     
  4. James D. Ford - Solicitor

    James D. Ford - Solicitor Well-Known Member

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    Hi Cram

    I assume you did not seek legal advice at the time of the separation.

    You both had a right to apply to the Court for Property Settlement Orders.. though after 2 years, you both still have this right... but the party applying needs to ask for the permission of the Court to make the application and explain why there has been a delay... It sounds like you are right on the border of the 2 years... so you might still qualify to be able to apply without seeking the consent of the Court...

    You can also reach a Binding agreement outside of Court... or if you both agree, apply to the Court for consent orders.

    Either way.. it is in your best interest to reach a binding agreement... or to obtain Court Orders... as currently, you are both potentially still joined at the hip - financially speaking (including your Superannuation).. up until the date of the Court Orders or BFA...

    There are potential stamp duty and CGT benefits to the transactions needed to implement such a Binding Agreement... and/or Court Orders...

    Kind regards
     

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