There are two common ways to transfer property to a family member – either selling or gifting. When the owner changes (either way), the title needs to be updated.
Selling the property
You can transfer title property by selling it to a family member. Parents often do this for children this way and may adjust the price to give them a better deal than buying a property at market rates.
You will be liable for stamp duty and it will be calculated based on the property’s market value and not the sale price (of selling at a discounted price). Furthermore, the capital gains tax will possibly apply as well if the property is not the seller’s residence or if the property is an investment.
Gifting a house
You can give ownership of your property to a family member as a gift. No money will need to change hands, but It is recommended that a professional valuer is engaged to prepare and provide a valuation report of your property in accordance with the Queensland Office of State Revenue requirements. The valuation is required for transfer duty purposes, as the transfer duty will be calculated based on the valuation amount of the property. Your conveyancer may advise you to organise a Deed of gift as well.
A transfer form is still needed and submitted for stamp duty assessment, and stamp duty will be paid even though consideration has not been paid for the transfer.