Property Transfers
From time to time real estate transactions occur without the use of a contract for sale of land. For example if you are married or in a defacto relationship and your principal place of residence is registered in the name of only one of you, then you might reach agreement that half the property be transferred to your spouse or partner. In those cases it is generally not necessary to have a contract for sale of land. Those transactions may be done using only a Department of Lands Transfer form and may in certain cases be exempt from payment of stamp duty.
You may wish to buy or sell property from or to a close family member. Sometimes in these cases it is appropriate not to use a contract for sale of land. However generally it is our recommendation that the parties be separately represented by Lawyers and that a formal contract for sale of land be used.
In appropriate cases the purchaser may elect not to obtain certain searches and enquiries and may elect not to raise requisitions. In any case these types of transactions will attract stamp duty regardless of sale price agreed between the parties. The stamp duty is determined according to a valuation of the property by a registered valuer.