I want to Buy-Out my sister's half share in property? Will I have to pay Stamp Duty and on what amount?
With transfer is between related parties, the sale is not considered an “arm's length transaction” and is therefore not acceptable for the purpose of calculating the stamp duty. In these circumstances the Office of State Revenue requires a Stamp Duty valuation be completed, which must be conducted by a registered property valuer. Your solicitor, conveyance or settlement agent will advise you about your Stamp Duty Obligations and a current market valuation from a qualified valuer will determine the amount of stamp duty applicable on the transfer.
One of our experienced property valuers are happy to discuss the property valuation you require in more detail. Contact the Office (08) 9242 1611 or send us an email and we'll get back to you.
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