We discuss the exemptions around how to use "natural love and affection" to get your loved one on on Title for $0, and avoid expensive transfer (stamp) duty!
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Hi everybody - George Sourris, Empire Legal.
Today's topic: Spouse on Title for $0
How to get your spouse on Title without spending any money.
Do you own a property and want to get your lover on Title for $0? I'm going tell you how - it's a hack. Not really. It's the law. However, there are a few conditions that have to be met in order to achieve this.
Number one - the transfer is by way of gift. It's called a natural love and affection transfer.
Number two - after the transfer, you and your spouse will own the entire home as joint tenants or tenants in common in equal shares.
Number three - the home will be your principal place of residence.
So, a good example here is - I own a property. I go and get married. My wife doesn't hold any property, and my natural love and affection gift to her is that I want her to come on and own half the property with me. So - she can, as long as we live in it together as our principle place of residence.
There is an interactive guide on the Queensland Revenue Officer's website, which is available here that you can run through all the eligibility requirements.
One thing to note, this change of bringing a spouse onto title can affect land tax liability, so it's important that you explore this if it will have an impact.
Also, you can transfer from joint tenants to tenants in common or vice versa, so long as the ownership values do not change. So, for example, let's just say my wife and I hold the property as joint tenants, and then we want to change to tenants in common or vice versa. That can be done at no charge.
This is governed by Section 143 of the the Duties Act. If you want to know a bit more about the difference between joint tenants and tenants in common, you'll find the link to that particular blog here.
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Note: all information is general in nature and as each matter is unique please contact our office for tailored advices: the above does not constitute legal advice.