Voluntary Transfer

A voluntary transfer arises in circumstances where one party wishes to transfer a property to another as a gift. The legal document transferring the property is called the Deed of Transfer. It is important that both parties involved in the transfer be independently represented by different solicitors in order to ensure that both sides are protected from any claim of duress or undue influence.

You may only transfer property voluntarily if you are solvent. Therefore, you will be required to execute a Declaration of Solvency confirming that you are capable of satisfying your debts as they fall due. If the property you are transferring is mortgaged, then the written consent of the bank to the transfer will be obtained. If the property you are transferring is a site, then it may be necessary to have a map marked to indicate the part of the folio being transferred. In this case, once the Deed of Transfer has been registered, a new folio number will be assigned to the site.

As either a donor or donee, we will guide you through the process in a timely manner and advise you on the stamp duty, capital acquisitions tax (gift tax) and capital gains tax implications of the transactions. We will liaise with your financial advisor, accountant and/or auctioneer to minimise the tax liabilities