This week on the Divorce Collective, we have Caralee Fontenele explaining how you can get a Stamp duty exemption when you go through a separation and want to transfer jointly held property into one of the parties names.
When you have real estate that makes up a portion of your property pool and the property is held in both parties names, there are two options when it comes to working out your property settlement. You can either sell the property, or one of the parties retains the property.
If one of the parties decides to retain the property, that party will have to seek advice for a mortgage broker or their bank to see if they can borrow the funds to be able to re-finance. There is often a misconception that you can just switch the name of who owns the property and take their name off the existing mortgage – this isn’t the case; you will need new finance and discharge the existing loan.
To find out exactly how the stamp duty can be waived, listen to the podcast!
Listen to the full podcast here!
If you want to gain advice on your family law matter, we offer a one-hour free Initial Consultation. This can be via Zoom from anywhere in Australia. If you want to arrange your appointment, you can click here or call 5574 0971.