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.
The Conveyancing process in Queensland can be a lengthy and complicated procedure that requires in depth knowledge and professional legal guidance. As it requires the time and expert information to navigate this step by step process we recommend you engage a conveyancing solicitor from the moment you are ready to sign a contract. With the right legal advice and management you can rest easy with the trust that your conveyance is in the right hands.
At Horrocks Solicitors we offer friendly and dedicated conveyancing services to ensure your settlement is easy and without the confusion or stress if any complications should arise when purchasing or selling your property.
Have you signed a house and land contract to purchase in Queensland but are unsure if you can terminate the contract before settlement? Buying a property in Queensland can often easily become a complicated legal process. Horrocks Solicitors have been helping Queenslanders settle their conveyances for over 30 years and are legal conveyancing experts in Brisbane, the Gold Coast and Greater Area. When it comes to contract termination it is strongly advised to contact a conveyancing solicitor to help you through the legal process to avoid any significant mistakes and financial consequences.
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.
With the new year underway prospective home buyers and sellers have turned their attention to the Brisbane property markets for the potential of an upturn in house prices throughout 2020.
Despite Brisbane property values declining by -0.6 per cent (the detached housing sector) in June 2019 there is hope yet that a boom will return with analysts predicting a strong comeback for Brisbane over the next 3 years. The end of December finished with a 0.7 per cent change in home values resulting in an overall annual value increase of 0.3 per cent in Brisbane City for 2019.
(Source: realestate.com)
According to market analysts there are a few influences that will affect the housing market in 2020:
an interest rate cut by April from the Reserve Bank
relaxed credit restrictions allowing banks to offer more property purchasers access to a mortgage
the new ‘Comprehensive Credit Reporting’ system
the ‘First Home Loan Deposit Scheme’ implemented since January 1, 2020.
The new scheme will mean eligible first home buyers only need a 5% deposit saved to be able to borrow up to 95% of the purchase price of the property without needing to pay Lender’s Mortgage Insurance (LMI).
Eligibility criteria
Those applying for the loans will need to meet eligibility criteria.
Applicants must:
Earn under $125,000 a year for singles and $200,000 for couples
Intend to live in the home (investment properties aren't supported)
Not have owned or had a share in property previously.
Managing Director of SQM Research Louis Christopher has predicted the following property price forecasts for 2020 and specifically with ‘record low interest rates and cheap credit an increase in Brisbane home prices by up to 7%’
Source: www.abc.net.au/news/2019-11-14/property-prices-in-2020-sqm-forecasts/11703668
Queensland in comparison to NSW and VIC is often held back by the economy and jobs growth but it has the advantage of relative affordability and higher vacancy rates. With the arrival of further rate cuts and eased lending conditions Brisbane is primed to see price growth for the first half of 2020.
Source: www.realestate.com.au/news/boom-time-forecast-for-brisbanes-housing-market-in-2020/
If you’re in the market for selling or buying property contact our dedicated team at Horrocks Solicitors to receive a competitive fixed quote today for conveyancing services from Queensland’s best.
If you’ve just signed a new contract for the purchase of a house or property in Queensland it’s essential to know as you are signing when you will become responsible for the loss or any damage to the property.
With the ongoing bushfire crisis across Australia where already close to 612 homes have been destroyed we strongly advise that you immediately find out by talking to your conveyancing solicitor.
Generally most house and land contracts will transfer the responsibility of insurance of the property from 5.00 pm the day after the contract date (the date when the Seller and the Buyer have both signed the contract). This is often 30 days or longer before the day of settlement (when the property is transferred into the Buyer’s possession.)
You run the risk of serious financial loss if the property is damaged or destroyed after you have entered into the legally binding House and Land Contract. With increasing annual temperatures and longer fire seasons each year in Australia purchasing insurance has now become a crucial decision for all new house and land buyers in Queensland.
“There have been many serious floods, fires, cyclones and storms in Australia over the last decade and many people have found out too late that they did not have enough insurance cover on their home and contents. This can be extremely costly and stressful, if you lose your home. Wherever you live, your home and contents insurance cover should be enough to cover the cost of rebuilding your home and replacing your contents.”
We advise that you compare insurance contracts with different companies and also to make sure you do your research well by comparing the terms. In addition it’s possible there may not be a great difference in price to increase the cost of insurance to cover rebuilding in the case of fire or natural disasters. Better to be safe than sorry!
If you have just signed a new contract for buying property in the greater Brisbane area contact Horrocks Solicitors to review your obligations and confirm when you are liable for the insurance of your new property 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
The First Home Loan Deposit Scheme (‘FHLDS’) was announced during the recent Federal election.
The new rules will provide that first-time buyers need only save a 5% deposit when they purchase a new property. Currently most banks and financiers require a 20% deposit before they will consider providing finance for the purchase of a residential property.
The FHLDS will guarantee loans through the National Housing Finance and Investment Corporation.
Not only will it mean that First Home Buyers do not have to save more for the deposit but they may avoid having to pay for mortgage insurance which is often thousands of dollars.
The new policy is due to come into effect from 1 January 2020.
To be eligible individuals cannot be earning more than $125,000 per year or for couples, more than $200,000 per year.
However, the scheme is only available for the first 10,000 first home buyers.
The FHSS (First Home Super Saver Scheme) scheme was introduced by the Australian Government in the Federal – Budget 2017-18 to reduce pressure on housing affordability.
From 1 July 2017 you may make voluntary contributions into your superannuation fund to save for your first home.
After 1 July 2018 you can apply for the release of your voluntary contributions along with any earnings from the investment of these contributions to go towards the purchase price of your first home.
To be eligible to make use of the FHSS scheme it is required for you to live in the property that you purchase for at least 6 months immediately within the first 12 months after settlement. The house or unit cannot be an investment property that you plan to rent out.
If you plan to use the scheme then you need to apply for and receive confirmation before you sign a contract to buy. It also must be your first home.
Once you receive consent to apply the scheme you can then sign your contract and afterwards apply for release of your FHSS amounts. However be it’s important to know that it may take between 15 and 25 business days to receive the FHSS funds. Therefore, it is essential that before you sign your contract that you: have confirmation and that you make sure that you have a lengthy settlement date if you need the FHSS funds to pay to the Seller on settlement day.
You have 12 months from the date you make a valid request for release of your FHSS amounts, to do one of the following:
sign a contract to purchase or construct your home – and give notice within 28 days that you have signed the contract
recontribute the assessable FHSS amount (less tax withheld) into your super fund – and you must give notice within 12 months of the release request date that you have recontributed
If you don't give notice that you have done one of the above or you choose to keep the FHSS money, you will be subject to the FHSS tax. This is a flat tax equal to 20% of your assessable FHSS released amounts. This may not be the same as the total amount released.
If you have any questions regarding your requirements for the Australian Taxation Office and the First Home Loan Deposit Scheme in Queensland contact the Horrocks Solicitors team today at 07 3013 2300
You can start making super contributions from any age. However, you must be 18 years old or older to request a determination or a release of amounts under the FHSS scheme.
Also, you must have:
never owned property in Australia – this includes an investment property, vacant land, commercial property, a lease of land in Australia, or a company title interest in land in Australia (unless the Commissioner of Taxation determines that you have suffered a financial hardship)
not previously requested the Commissioner to issue a FHSS release authority in relation to the scheme.
Eligibility is assessed on an individual basis. This means that couples, siblings or friends can each access their own eligible FHSS contributions to purchase the same property. If any of you have previously owned a home, it will not stop anyone else who is eligible from applying.
You may still be eligible even if you have previously owned property in Australia, if it is determined that you have suffered a financial hardship that results in a loss of ownership of your property interests. The types of events that could result in the loss of property interests include:
bankruptcy
divorce, separation from a de-facto partner, or a relationship breakdown
loss of employment
illness
being affected by a natural disaster
being eligible for early access to superannuation.
If you want to be considered under the financial hardship provision you can apply with either:
ATO online using your myGov account linked to the Australian Tax Office
or by completing a First Home Super Saver scheme Hardship Application Form.
The Queensland Government offers a grant to first home buyers to purchase their first home sooner.
The grant may be from $15,000.00 to $20,000.00 however is only available if you are buying or building a new home. This home must be your first home purchase with a sale price that is less than $750,000.00.
In addition:
You must be at least 18 years of age.
You must be an Australian citizen or permanent resident (or applying with someone that is)
You or your spouse must not have previously owned property in Australia that you/they lived in.
You can buy or build a new house, unit or townhouse
It can be off the plan or you can choose to build yourself
You must be buying or building a brand new home
The value of the home including the land must be less than $750,000.
You must move into the new home as your principal place of residence within 1 year of the completed transaction and live there continuously for 6 months.
You can click on the following site to check your eligibility for the First Home Owners Grant.
FIRST HOME OWNERS GRANT ELIGIBILITY
While this guide will explain applying for a first home owner grant, and your obligations after receiving it
The Brisbane river has a history of significant flooding beyond it’s brown riverbanks. Many potential Buyers of real estate in Queensland will ask Horrocks Solicitors what they need to know about buying a house in a flood zone in Brisbane.
As Brisbane sits on flood plains the possibility of a future flooding is high; especially when you take into account that the highest recorded floods occurred as recently as 2011 and 1974, in addition to earlier floods throughout the last century.
If you are concerned about the possibility of buying a property in a flood zone. You can make the following inquiries before you enter into a contract:
The information in this map is sourced via flood studies conducted by the Brisbane City Council.
Click on the Flood Awareness Map and follow the links, it is important you read and
understand the conditions of use. This Map will give you a percentage likelihood of flooding
including details of the 1974 and 2011 floods.
FloodWise Property Reports show the risk and type of flooding at a specific property including estimated flood levels.
Before you take the leap and make what may become the biggest purchases of your life, there are a few crucial questions to consider when buying a house.
Here are 5 important points you need to know before you sign a new house and land contract in Queensland:
Do I have sufficient funds to complete the purchase and do I need to make the contract subject to finance approval?
What are the legal costs for conveying the property into my name?
What Transfer Duty and Titles Office registration fees will I need to pay?
How old is the house and other improvements on the property? Have they been approved and inspected by the local Council?
Do I need to add any special conditions to the contract? For example: a settlement subject to confirmation of Council approval and final inspections or the sale of my property…
Once you’ve committed to the purchase and signed the contract here are 5 steps you need to take immediately
pay any deposit on the due date
send a copy of the signed contract to your financier to start the formal application for finance approval
engage the services of a building inspector if the contract is subject to a building and pest inspection
arrange for building insurance cover to start straight away if the property is a house
engage the services of a solicitor to do the conveyancing for you
For professional service from Brisbane’s most experienced conveyancing solicitor John Horrocks contact Horrocks Solicitors today for a fixed quote or a free contact review. Phone 07 3013 2300 or email admin@rivercityconveyancing.com.au.
