Transferring a Property persuant to the Orders
The Orders themselves do not effect the transfer of the property - it needs to be done by the lodgement of Transfer documents with the Titles Office. Generally, the party receiving the property will be responsible for:
- The preparation and lodgement of the Transfer;
- The refinance of any mortgage over the property into their sole name;
- Legal or bank costs associated with the transfer.
The process to transfer a property pursuant to Orders can take approximately 1 to 3 months, mostly dependant on the processing time of the refinance.
The Titles Office requirements for the preparation and execution of the Transfer documents are strict with specific wording to be included to note that the Transfer is pursuant to Court Orders. The Titles Office charge a lodgement fee for a Transfer which is dependent on the purchase price or property value; however, this fee is waived where the property is transferred pursuant to a Court Order.
The Office of State Revenue also imposes Transfer Duty on the transfer of any property in Queensland the amount of which is calculated based on the value of the property and whether the property will be used as a home or investment. An exemption of stamp duty is available where the property is transferred pursuant to an Order but the Transfer still needs to be stamped with the Office of State Revenue and appropriate documentation retained.
A date for Settlement of the transfer is either set by the Orders or once all banks and parties are ready.
See our How to Guide, How to Splity Assets After Separation, for more information on how to deal with separating the family assets.