Since 2015 most property transactions require an IRD number.
This means that your family trust, and your loved one’s estate may require an IRD number, in order for a property to be sold or purchased.
The Land Transfer Amendment Act 2015 requires solicitors and conveyancers to collect tax information from parties who are transferring a piece of land. Therefore, if a trust owns a property, then an IRD number for the trust must be provided in order for the transfer to be completed.
This means that if you are looking to sell your family home, that is owned by the family trust, an IRD number will now need to be provided, even if you did not need one years ago when the property was initially purchased.
This is also applicable to estates. So if a loved one has passed away, and you are in the process of selling their property, you will need an IRD number for the estate.
This is important to note, as the IRD do not hand out IRD numbers instantly. IRD numbers are typically received 10 working days after an application is made online. So ideally, an IRD number should be applied for before you enter into an agreement for sale and purchase.
