There are limited scenarios where a transfer will not incur a stamp duty liability, so this is usually the first consideration. Revenue NSW require the stamp duty to be assessed on the higher of the consideration paid by the person acquiring the interest, or the value of the share being transferred which is determined by an independent valuer.
Most family transfers occur on ‘friendly’ terms so whilst you may have a contract for the purposes of agreement on the most important items, you may not necessarily be concerned about the smaller items such as the pro rata of rates/taxes.
Where you are transferring ownership shares by adding or taking someone off a title, another consideration will be your bank and their approval of the new ownership structure.
There is an exemption of stamp duty where the transfer occurs to add your spouse onto the title of your primary place of residence for an exact 50% share of ownership.
