NSW Buying Brother's Half a Property - What to Do?

[gogomobile]

Hi,

My brother and I own half a property each. He wants to sell his half to me. What do we need to do under property law? Do we need a lawyer and do I have to pay stamp duty?

 

[Arche]

Hi

Yes you really must go through the proper formal processes of property sale and this involves having a contract drawn up by a solicitor or conveyancer. You need to do this to ensure the property is registered in your name. Sometimes people think because it is family they don't need to do all this. Do not fall into this trap.

Yes as far as I know you will need to pay stamp duty on half the market value (not the sale price) of the property.

 

[Rob Legat - SBPL]

To add to what Mary said, you will most likely need to provide valuation evidence to the Office of State Revenue as part of the stamping process. If you're undertaking this process by yourself, check their website for what you will need: Evidentiary requirements | Office of State Revenue

 

[gogomobile]

Thank you