Any property related sale or purchase cannot be considered over till it is over. This is what we have learnt over the past many years as a big name in valuation in the city of Brisbane. When there is the need for transfer of property between relatives there could be many issues that needed to be sorted out.
Given our experience in dealing with clients in such related party transfers, the biggest bone of contention in many cases is the valuation figures that are arrived at by either of the parties. Further, there are some legal implications of such related party transfers. These include:
• The value that is mentioned in the sale deed or agreement in such related party transfers is not taken on face value by the authorities.
• This is because such transfer of properties between relatives is no considered as “arms length transactions”.
• Under such circumstances, the authorities will insist on a valuation from an independent valuer.
• The stamp duty payable would be calculated only on these valuation certificates provided by these professionals rather than being based on the valuation mentioned in the sale document.
• The reason for such a requirement is quite simple. There is a big possibility of the property being undervalued in such related party transfer valuations.
• We are considered a big player in this field because we have rich experience in coming out with high quality valuation certificates that are accurate to the last decimal.
• Our valuers are experienced and certified and hence the figures quoted by them will be accurate in all the instances
• Further, we being a government registered valuer, there is likelihood that our valuation certificates will be looked upon quite comfortably by the relevant authorities in the government.
Given the above facts, it is always better to get such related party transfer valuations done through such reputed professionals.
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