What are registration fees when buying a house in Qld? Purchasing property in Brisbane or Queensland includes a fee or tax by the Queensland Government on any dutiable transactions. This tax is called Stamp Duty. When does transfer duty apply? A transfer of real property in conveyancing terms is considered any transaction where you sell, buy or transfer property such as land (house, unit or vacant land) or rights to land in Queensland.
What are registration fees when buying a house in Qld? Purchasing property in Brisbane or Queensland includes a fee or tax by the Queensland Government on any dutiable transactions. This tax is called Stamp Duty. When does transfer duty apply? A transfer of real property in conveyancing terms is considered any transaction where you sell, buy or transfer property such as land (house, unit or vacant land) or rights to land in Queensland.
With auctions and house inspections currently banned in Australia the real estate market has had to adapt to the strict COVID-19 measures by relying on new virtual auction apps and websites such as Gavl.
Whilst some Buyers have been deterred by the uncertainty of the times or are choosing instead to buy and sell property via private sales, there has been a growing number of potential Buyers in Brisbane switching to the new model of livestreamed auctions.
Buying and selling a house or land through a private sale can be risky and it’s important to ensure that you conduct appropriate market research within the local area to compare the purchase price in addition to contacting a conveyancing solicitor to review your contract terms before you sign.
New digital platforms and smartphone technology have enabled auctions to be livestreamed via the internet whereby potential Buyers make their bids in real time in a virtual auction room without the need to be physically present.
The signing of the REIQ contract can be executed digitally using DocuSign and is facilitated by the company.
If you’re considering buying or selling at this time in Queensland we recommend that you read our Important Conveyancing Update for the COVID-19 Special Conditions that should be added to your REIQ contract.
The stamp or transfer duty on multiple dutiable transactions can only be added together to form one arrangement if they are collectively related - this is determined by several factors.
Aggregation or the addition of the duty on dutiable transactions will result in the payment of more stamp duty than if duty was paid separately on each property.
Are they contained in one instrument (e.g. an agreement or a transfer)
Are any of the transactions conditional on entry into, or completion of, any of the other transactions
whether the parties to any of the transactions are the same or are related
the timeframe over which the transactions take place
whether, before the transactions take place, the dutiable properties were used together or dependently by the transferor(s)
whether, after the transactions take place, the dutiable properties are used together or dependently by the transferee(s).
Aggregation of dutiable transactions is compulsory under section 30 of the Duties Act 2001.
If transactions can be aggregated then the transfer duty is calculated on the total consideration or value rather than each dutiable transaction separately. This will be a greater amount of Stamp Duty than if you paid stamp duty separately for each property.
At lodgement for assessment all parties involved must declare the following information:
Their knowledge of
all the dutiable transactions and property included in the arrangement
the dutiable value of each dutiable transaction.
For aggregated transfer duty the total amount payable may be higher than if each transaction were calculated separately and added together.
The transfer duty rate is applied to the added TOTAL value of all related transactions and NOT calculated by applying the rate separately to each transaction.
If you have any questions related to the calculation of your stamp duty in Brisbane or paying Queensland transfer duty contact Horrocks Solicitors today on 07 3013 2300.
Know what your conveyance fees should be for buying and selling a house in Brisbane by comparing our competitive low cost conveyancing.
When buying or selling property you will need to satisfy the legal process for the transfer of ownership. As this involves the execution of a house and land contract and crucial conveyancing steps we recommend to leave it in the hands of a trusted conveyancing solicitor.
If you have recently signed a contract or are looking to buy or sell soon consider that should you make an error with your conveyancing you may cause a delayed settlement whereby you will be required to pay default interest or enable the party on the other side to terminate the contract at your expense and sue you for breach of contract.
In Queensland some property solicitors will offer a price based on an hourly charge which can accumulate quickly if any complications arise during the course of the contract which is generally 30 days for a standard house and land.
At Horrocks Solicitors there are no hidden costs in our fixed fees and we have over 30 years experience with more than 70,000 settlements completed by John Horrocks.
There are also search costs when buying a property.
During the conveyancing process there are various disbursements that can be incurred on your behalf by your Conveyancing Solicitor including a fee for the lodging of documents with the relevant authorities, the option of important searches to know if there are planning restrictions, zone regulations, unapproved constructions or any vested interest by the government authorities. These are important to be aware of as they may affect the value of the property.
For residential home or land purchases, we carry out the following property searches required to reasonably secure your purchase.
Standard Search Package:
Title Search upon receipt of the contract
Council Rates Search which reveals information about the state of the rate account.
Main Roads Search
Land Tax Clearance Search
Registered Plan of Land Search
Title Search on the day of settlement.
Additional and optional searches can include the Body Corporate Information Certificate, Certificate of Currency, Contaminated Land, Railways and Bankruptcy.
We will collect a cheque for our fees at settlement. There is no upfront payment for our conveyancing services.
Conveyancing solicitors are able to deal with any complex legal problems that can come up during your conveyance and you can have the peace of mind that your property transfer will be handled with care and in the best interests of your legal rights. Furthermore Horrocks Solicitors can offer you expert legal advice beyond conveyancing in the circumstances of a separation or divorce.
Call today for guaranteed and affordable legal property advice Horrocks Solicitors 07 3013 2300 or email your contract to reception@rivercityconveyancing.com.au
