How do I transfer property from one family member to another?

Gift. You can give ownership of your property to a family member as a gift. This simply requires filling out the necessary paperwork with your state revenue office and title office, including a Transfer of Land. Your conveyancer may advise you to organise a Deed of Gift as well.

Can I transfer my property to someone else?

It is possible to transfer the ownership of a property to a family member as a gift, meaning no money exchanges hands. This differs to a Transfer of Equity, where the owner remains on the title and simply adds someone else to it.

How do I transfer parental property to my son?

Your father can transfer the property either by making a registered family arrangement to both of you as per desire. By this she cannot raise any dispute at any stage. Alternately he can transfer the property by executing a registered gift deed to both of you again as per his desire.

How long does Land Registry take to transfer ownership?

The Land Registry advise that processing times for updating the register (adding a mortgage or changing ownership) take about 4 to 6 weeks, and creating a new register (transfer of part or new lease) take about 6 to 9 months.

Can you gift a property to your son?

The most common way to transfer property to your children is through gifting it. This is usually done to ensure they will not have to pay inheritance tax when you die. After you have gifted the property, you will not be able to live there rent-free. If you do, your property will not be exempt from Inheritance Tax.

What happens when property is transferred without consideration?

When a property is transferred without consideration (i.e. as gift or to just transfer property into another person’s name), the transferor is generally deemed to have sold the property for proceeds equal to its fair market value (“FMV”).

Can a parent transfer their property to a child?

A parent can transfer their property from themselves, to the parent and the child as joint-owners with rights of survivorship. This would typically be done by a quit-claim deed. One advantage of this is that the parent can remain living in the home, and enjoy ownership of the home while living.

Can a family member transfer ownership of a HDB flat?

For HDB flats, the situation is a little trickier. You can only transfer HDB flat ownership to immediate family members who meet certain eligibility conditions.

What happens when you transfer a house to a trust?

When you transfer property into the QPRT, it is treated like a taxable gift by the IRS. In the eyes of the government, transferring your house into the trust is the same as gifting your house to your child, so you have to either pay gift taxes or deduct the value of your house from your estate tax exemption.