Transferring of property from an individual to their self-managed super fund is another example of where we can help. Northern Property Valuers are sensitive to the issues faced by individuals who need the value to be right.
Parents gifting or partly gifting property to their children is a very common occurrence. When family members or related entities need to change the ownership of a property into another name, the government requires there to be a property valuation. The reason being is that the stamp duty this transaction attracts needs to be based on the value of the property and not the price, as the property can likely be transferred for a price that is different to the market value.
We understand that getting the market value right is very important as there are implications for overvaluing or undervaluing a property in these circumstances. We have been asked to undertake transfer valuations from the desk, however we prefer to go to the property site. This helps us understand the property and neighbourhood better, allow us to provide a more effective outcome!
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