Hi, I want to gift my residential unit in NSW to my son. The home loan is fully paid and the mortgage is already discharged. I want to do the transfer myself as I feel there is not much for the conveyancer to do. Is it possible to do it myself? If so, could somebody guide how to do it? Thanks
[Matter Closed] DIY Family Transfer - Mortgage Already Discharged
vin2 on 19/09/2024 - 11:24
Last edited 20/09/2024 - 16:31
Last edited 20/09/2024 - 16:31
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Your son is going to pay stamp duty or whatever fees.
Is this your son's first home? He may be eligible for first home buyers grant (if eligible)
If I were you, just leave it under your name until you pass away. If you son and yourself have a good financial relationship, no reason for him to pay the property's bills.
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I did the transfer of my house to my ex when we were finalising the property settlement. It was surprisingly easy. I think the paperwork came with detailed instructions.
In your case, stamp duty at current market value will be applicable.