Transferring title on a property without selling it is actually a simple and very common process, which may happen for a variety of reasons such as asset protection when starting a business, division or transfer of assets upon marriage breakdown, or the gifting of property to children.
When you transfer property it is certainly a less complex process than buying or selling a property as you don’t have to worry about drawing up a contract of sale. However, just as when you are buying or selling property, when transferring legal title you will need the help of a lawyer or conveyancer to manage the relevant legal documents, help you to avoid common mistakes and provide you with necessary information such as whether or not stamp duty is owed on the transfer. If you want to transfer property into a company or trust this can be a more complex process.
When you transfer property what you are essentially doing is transferring an ‘interest’ in that property which will be recorded on the Torrens Register (in NSW). To do this, you will need to fill out Transfer Form 01T on the Land and Property Information website (NSW only).
If you are transferring the property as a gift, then you will fill out and sign a gift deed, which allows you to gift your assets or transfer ownership without any exchange of money. This is irrevocable and you cannot take back what you have gifted to another. For more information on gift deeds see our article.