It is quite common for couples, either married or in a defacto relationship as well as recently separated, to transfer all or part of an ownership of their matrimonial home between partners or former partners.
However, it is not all plain sailing and requires almost as much commitment as the relationship itself!
If you are considering a transfer of your matrimonial home, here are some tips from your conveyancer…
Matrimonial homes are transferred between couples for a variety of reasons including tax or legal purposes. There are a number of steps involved and your Conveyancer can assist you along the way.
Basically, a Matrimonial Home is the shared principle place of residence of a married or defacto couple or the most recent shared principle place of residence of a separated couple. Please refer to the Revenue SA website for the full legal definition.
So, how much does it all cost? Luckily for some the Stamp Duties Act allows for the transfer of a matrimonial home FREE OF STAMP DUTY for couples who satisfy a number of conditions. Some of the conditions to be met include but are not limited to:
- The couple are or were recently married to each other
- The couple have been or have been recently living as a defacto couple, including same-sex defacto couples, and cohabitating in a bone-fide relationship for a period of not less than two years.
Do you think you possibly meet this criteria but you’re not sure what to do next? It is now time to contact your Conveyancer to commence the transfer process. Your Conveyancer will prepare the necessary legal documents, while liaising with your financier(s) to ensure that this is a pain free experience for you.
Please ensure to obtain the right advice from the right professional as these transfers can be quite involved, if they are not completed correctly they can become a very expensive and emotionally draining transaction.