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Transferring A Site

Transferring a site from parents to child as a gift is a common type of land transfer we see here at John A. Sinnott & Co. Solicitors.

If a farm is being transferred to the next generation, there are further considerations.  Click here for Transferring a Farm.

Where property is being transferred as a gift, two solicitors are required – one to represent the transferor i.e. the parent and one to represent the transferee i.e. the child.  Not only is this recommended but it is, in fact, law, since 1st January 2013.

The ‘Conveyancing Conflicts Task Force Regulation’ was introduced from 1st of January 2013.  Concerns were raised regarding property transfers involving those who are vulnerable.  This regulation was introduced to protect people from possible undue influence from relatives or friends in transferring their property e.g. to avoid an elderly person being forced or misled into ‘signing over’ the family home.  If there are separate solicitors representing each party in the transfer, both are protected and a potential conflict of interest is avoided.  These two solicitors cannot be working within the same company.

It many instances, it can seem senseless and expensive for families to fulfil this requirement.  However, the regulation is necessary in order to ensure that everyone is getting a fair deal.  At John A. Sinnott  & Co. Solicitors, we will discuss all costs in advance with you before commencing any work .

Considerations for the Transferor

We will discuss with you:

  • What security you will have after making the transfer i.e. income and home
  • How much to transfer
  • The implications of death, divorce or separation of the transferee

Tax Implications

A person can receive property up to the following values without paying Capital Acquisitions Tax:

  • No limit to a spouse
  • Up to €335,000 to a child
  • Up to €32,500 to a sister, brother, niece or nephew
  • Up to €16,250 to anyone else

Capital Acquisitions Tax at 33% is payable by the transferee on any surplus above these amounts.

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