You may be aware that when a person purchases a piece of real estate they are liable to pay stamp duty on that purchase. Stamp Duty is, for many purchasers an additional payment that they can ill afford at the time of purchasing a new property.
In certain circumstances however parties who purchase or transfer real estate may be exempt from paying stamp duty on that acquisition. The most common example of this exemption is for first home owners who are purchasing a brand new home.
People are also entitled to an exemption of stamp duty when a marriage or de facto relationship breaks down and because of the breakdown of this relationship a property is transferred. The property can be transferred from joint names to one party’s name, or from one parties name to the other parties name. Each of these transfers attracts a stamp duty exemption.
There are certain documents that must be drawn up in order to attract the stamp duty exemption in Family Law Matters. Parties are required to reach an agreement as to how their property is to be divided between them and must then formalise that agreement in a legal document. There are two ways to formalise the Agreement reached between the parties; the first is by entering into a Binding Financial Agreement and the second is by entering into Consent Orders. The stamp duty exemption applies if one of these formal documents is entered into. The original document must be show to the Office of State Revenue when applying for the Exemption of Duty.
Parties may also be entitled to a stamp duty exemption if the Court makes Orders requiring a transfer of property.
If you have recently separated and are seeking to Transfer a property and therefore obtain the Stamp Duty exemption call to make an appointment with one of our family lawyers to discuss your property settlement.