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If you are a part owner of two lots in a subdivision, both in joint ownership with another party, you may be able to utilise the provisions of section 27 of the Duties Act to “partition” the land so that after the partition each party owns one of the lots as a sole proprietor. If the lots have the same valuation, then this transaction would be free of stamp duty, as the beneficial interest of each owner would be unchanged (i.e. the change for each party is from half-share ownership of two lots, to the sole ownership of one lot).
For more information you may contact our Northcote professional and experienced conveyancers or call us at (03) 9815 2351.
Andrew Rothfield
Andrew Rothfield is a licensed conveyancer from Glenferrie Conveyancing. The company holds the prescribed professional indemnity insurance, maintains a general trust account, and is a leading subscriber to the PEXA electronic settlement system.
