What is Stamp Duty?
Stamp duty is an unavoidable rung on the ladder of purchasing property within Australia. Stamp duty is a tax that is charged by the government on the sale of property and shares to cover the costs of changing the title of the property and ownership details, the costs of which vary state to state.
The amount you pay in stamp duty is based on the greater of the market value of the property or the price paid, including any GST. Simply put, the more expensive a property, the higher stamp duty rate that must be paid.
What is Stamp Duty used for?
Stamp duty is invested into the economy by the state and territory governments which collect it. This revenue is added into all state government budgets, which typically include sectors such as health, transport and roads, police, justice and emergency services.
Article by Tracey Turner
Source: www.realestate.com.au
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How much Stamp Duty will I pay?
Stamp duty is decided by separate state and territory governments, rather than the Federal Government, so rates vary. Most state and territory governments have online calculators, as do some real estate agency and bank websites. Always make sure you are clear on the amount of stamp duty you will be required to pay and be sure to factor this into your budget. Stamp duty is paid by the purchaser and must be paid within 30 days of the property settlement.
Can I be exempt from paying
Stamp Duty?
There are a handful of instances where stamp duty is not required to be paid. The transfers of ownership to a spouse, as well as a change of tenure, do not require duty payment. A number of concessions also apply which have the potential to dramatically reduce the amount of stamp duty payable, for example, buyers purchasing a residence that they intend to occupy as their home or purchasing a property intended to be their first home, may be eligible for some concessions.
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Looking to buy your first home? Finding the language used by Real Estate Agents sounds totally foreign? Fear not, fellow house hunters, for we have listed and simplified some of the most commonly used terms when it comes to purchasing property in the wide world of Real Estate.
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Certificate of Title
A document stating who owns the property, the size of the land and whether there are any limitations on the title such as mortgages, easements or encumbrances.
Community Title
Similar to Strata Title but applicable to developments combining a variety of dwelling styles and communal facilities where an overall style and theme must be adhered to
Conveyancer
A person (not a legal practitioner) who, for a fee, handles the process of transferring property
Cooling-Off Period
A period of time during which a buyer can withdraw from the sale of a home (if not purchased at auction). Duration varies from state to state. The duration must be outlined in the Agreement of Sale.
Easement
A right held by someone to use land belonging to someone else for a specific purpose. Mains, drains and water pipes are usually covered by an easement.
Equity
The value an owner of a property has in the property above the debt owed
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Bank Valuation
A bank’s estimate of the properties value. This value will often be more conservative than the actual market value of the property as it is used to determine the banks loan amount
Counter Offer
An offer made after a previous offer has been rejected by either the owner or the buyer
Exchange of Contracts
The legal process that creates a binding agreement for the sale of the property. A deposit is also usually paid at this time.
Fittings
Items in a home that can be removed without damaging them or the space they were removed from. Fittings include items such as washing machines, dryers, refrigerators etc…
Fixtures
Items fixed to the property in a way that cause damage to the item or the property should they be removed. Fixtures may include built in shelving, appliances and carpets.
Settlement Date
The date on which a property sale is finalised. The purchaser pays the vendor and gains possession of the home at
this time
Article: Tracey Turner | Source: www.domain.com
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SEASONAL MAINTENANCE
for
YOUR INVESTMENT PROPERTY
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There's no doubting that the weather is cooling down, and with the temperature change comes a timely reminder to have your heating and cooling appliances serviced and checked, especially in your investment property! This ensures a happy and safe environment for your tenant's and their families all Winter long!
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AGENT SPOTLIGHT
HEIDI BOURKE
Principal / Sales Agent
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After years of being involved in real estate, I have been able to determine what sellers really want, but don't often get from their agent. It's really very simple; vendors want service, feedback, honesty & results. Selecting the right agent can be a stressful and confusing decision to make, so go back to the basics. The right agent will possess these important ideals because they always will work for you, the vendor. At sellbuyrent we can offer you experience, competitive fees and clear and concise representation of your property through innovative marketing.
Dear Heidi,
I’d like to say a big thank you for taking care of the sale of my unit. For someone living 300km from Wodonga, your regular updates by phone and e-mail were terrific and your professionalism and phone manner is first class. You were an absolute pleasure to do business with and I wish you all the best for the future. Thanks again.
- R. OKeefe
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phone : 02 6056 9877
fax : 02 6024 6411
email : frontdesk@sbrrealestate.com.au
website : www.sbrrealestate.com.au
post : po box 581, wodonga, vic, 3689
office : 1/103 hume street, wodonga, vic, 3690
webbooks : sbrrealestate.reawebbooks.com.au
newsletter : sbrrealestate.com.au/newsletter
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