Do I have to pay Stamp Duty on my Purchase
The amount of duty payable on your purchase depends on certain factors i.e. whether your purchase is your very First Home, Vacant Land to build your first home, Primary Place of Residence or investment.
We have put in the link to the Office of State Revenue so you can calculate the amount of Duty you must pay on your purchase. This will help you budget for your purchase transaction.
When do I have to pay the Duty?
Duty is payable prior to settlement. The Office of State Revenue requires stamp duty to be paid on your contract within 30 days from the contract becoming unconditional. However, if you have a Bank you are borrowing money from for the settlement of your property, the Bank will require a Stamped Transfer to be handed over at settlement ready for registration in the Titles Office.
Therefore, we will require clear funds from you at least 2 working days prior to settlement so we can stamp the Transfer documents in readiness for settlement. You could bring us a Bank cheque made payable direct to the Office of State Revenue. We will talk to you about the easiest way for you to pay your Duty during the conveyance process.
How do I know if I am eligible for a First Home Owners Grant ?
You may be eligible for a Great Start Grant (formally called “First Home Owners Grant”) or a duty Exemption because you are either buying or building your first home. Email us and we can give you a quote for duty or if you would like to find out more information yourself, we have provided the link to the Office of State Revenue website which has a Grant calculator for your convenience.
Swimming Pools and Safety Certificates
I am selling a property and have a swimming Pool. What should I do before I list the property for sale?
You should contact a local Swimming Pool Inspector who can come out to your property and issue a Swimming Pool Safety Certificate which you are require by law to provide to any prospective Buyer. The cost will depend on the inspector but it could save you the problems that will occur if you leave it until you have a contract. You may have to fix a few things before the Pool and fencing will pass inspection.
We have provided below the link for the Queensland Government Swimming Pool Safety site so you can be sure you have everything in order before you sell the property.
What does a Title Search do?
A Title search will confirm the property description of the property you are buying, it will also provide the full names of the seller and whether there are any encumbrances registered over the Title e.g. registered leases, mortgages or caveats.
How would I find out if the seller is a Bankrupt?
You can ask us to carry out a National Bankruptcy search of the seller/s. In fact, it is a very important search which we always suggest you do prior to settlement.
If the seller has filed for bankruptcy and is trying to sell the property to avoid creditors, then the Appointed Receiver or Administrator in Bankruptcy can overturn the transfer to you. The bankrupt must obtain the consent of the Appointed Receiver or Administrator to the sale of the property before either party can sign a contract.
You may end up not owning the property or worse still, you could lose your money and have to fight in Court to try to recover some or all of it back. It is very expensive to go to Court, so that can become another problem you may face.
How do I find out if the land is Contaminated?
We can carry out a Contaminated Land Register search to ascertain if the property you are thinking of buying is contaminated. If there was any activity on the land such as a service station, mechanical workshop where oil and petrol products were stored on the land, fuel depots, commercial cattle dips are all activities that could contaminate the land. There are lots of different situations where the land could be contaminated and a search will let you know if there were any registered activities that should be brought to your attention. It can be very costly to rectify the land to make it safe.