Let's talk: Gifting a property

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So you've made the big decision to gift your property or transfer your property in another persons name. Then what? - the start of your transactions. But what do you need to know? Let's break it down:

Your Title- You cannot transfer a property which is not wholly owned by you or without the consent/signature of any co-owner or mortgagor. For that reason, your Attorney needs to see your Title to ensure that you are in the position to hand your property over to another person. So if a deceased is a co-owner or if the property is even mortgaged, this will affect your ability to do a simple transfer of the property.

Your Information -  Your information as well as the other person's information is needed. Your occupation, address and name as reflected on the TRN. So ladies if you are recently married, either amend that TRN or use your maiden name. 

Fees - Yes. You cannot hide from this. You will have legal fees which vary from Attorney to Attorney. You will also have Stamp Duty, Transfer Tax and Registration Fees to pay. Currently the registration fee for a transfer by gifting is a flat fee of $5,000.00. The stamp duty is currently set at a flat fee of $5,000.00 or $100 per transaction. Your transfer tax on the other hand is currently 2% of the value of your property.

Once Attorney fees have been paid and all documents have been signed by you AND the other party, the next step is to have your documents assessed. This is the stage where it is confirmed what fees you pay.

Want to find out more? Let's talk!

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