See the 5 homes that sold for just $1
A LUXURIOUS property with an in-ground pool which sold for $635,000 in May 2018 changed hands earlier this year for just $1.
The unusual sales figure was revealed in a report by real estate experts RP Data.
The two-storey Caniaba home, which is situated on a 2392sqm block, was one of five properties which sold for $1 in the past 90 days.
The other properties were:
- A two-bedroom, one bathroom unit in Uralba St, Lismore. It previously sold in 2010 for $237,500
- A three-bedroom, two-bathroom home in Esyth St, Girards Hill, which previously sold in 2017 for $315,000
- A three-bedroom, one bathroom house in Invercauld Rd, Goonellabah, which previously sold in 2015 for $275,000
- A property in Cadboll St, Lismore which previously sold in June 2016 $80,000.
But the reporting of a $1 sale doesn't necessarily mean a lucky buyer simply snapped up a bargain.
Often family members will legally transfer the title of a property between themselves, with $1 a commonly used amount.
Real Estate Institute NSW past president, John Cunningham, said transfer of property between family members could be complicated.
"In this instance you must supply two price evaluations, one for transfer (stamp) duty and the other for capital gains tax (if payable),” he said.
"Or if it is an inherited property it requires a probate valuation.”
Mr Cunningham said if a husband and wife or de facto partners changed who held the title, there was no capital gains tax.
He also suggested vendors looking to emulate a $1 sale needed to get expert advice.
On the NSW Revenue website, the government department advises, "transfers between family members are liable to transfer duty (previously known as stamp duty), however some transfers may qualify for a exemption or concession.”