TAS De Facto and Property Settlement?

[Sproutsx3]

De facto relationship of 7 years, Tasmania - split/settlement

Having come to an amicable agreement I assume this still needs to be done via a court stamped settlement order (no children involved)?

Question mainly is, property in joint names, one person is taking over as part of property settlement agreement with a cash payment to the other party, so merely taking one person's name off the title. My recollection of this is that stamp duty is not payable again due to forming a de facto settlement and merely removing one parties name from the title. Stamp duty is payable on purchases but not a settlement where one party is already a joint owner.

Can you please confirm or clarify this?

Cheers.

 

[Sophea]

Hi Sproutsx3,

I'm not 100% on the situation in TAS, but I know in NSW, QLD & most other states you need to have some proof of your property settlement such as a settlement agreement or consent orders and you provide them to the Land Titles Office with your application for exemption from stamp duty and it can be waived on the transfer.

Often the problem arises with getting the other party off the mortgage, as the bank's consent is required and sometimes involves the party staying on the mortgage and title to get new finance documentation.

 

[Len]

De facto relationship of 7 years, Tasmania - split/settlement

Having come to an amicable agreement I assume this still needs to be done via a court stamped settlement order (no children involved)?

Question mainly is, property in joint names, one person is taking over as part of property settlement agreement with a cash payment to the other party, so merely taking one person's name off the title. My recollection of this is that stamp duty is not payable again due to forming a de facto settlement and merely removing one parties name from the title. Stamp duty is payable on purchases but not a settlement where one party is already a joint owner.

Can you please confirm or clarify this?

Cheers.

De facto relationship of 7 years, Tasmania - split/settlement

Having come to an amicable agreement I assume this still needs to be done via a court stamped settlement order (no children involved)?

Question mainly is, property in joint names, one person is taking over as part of property settlement agreement with a cash payment to the other party, so merely taking one person's name off the title. My recollection of this is that stamp duty is not payable again due to forming a de facto settlement and merely removing one parties name from the title. Stamp duty is payable on purchases but not a settlement where one party is already a joint owner.

Can you please confirm or clarify this?

Cheers.

Hi Sproutsx3, did you find any other details about this process. I am in a similar situation. Thanks.