STATE SPECIFIC LEGAL ADVICE AND STAMP DUTY

Viewing 6 posts - 1 through 6 (of 6 total)

andrew.os
Participant
@andrew.os
Join Date: 2010
Post Count: 12
February 14, 2012 - 12:08 pm
Hi all
Can anyone advise if I buy a property in each state, should I be using a lawyer from each of those respective states to cover the legal piece, or is conveyancing pretty standard across the states so one constant lawyer/conveyancer better?
Also, can anyone provide any advice on getting stamp duty concessions for an off the plan puchase. My understanding is that regardless of what the advertised price is for the completed property, you only pay stamp duty on what stage the property is at at the time of signing the contract. Does this sound remotely right, and if so, how do I go about illustrating this to the appropriate revenue office to ensure I pay the right amount of stamp duty.
Thanks guys
Andrew
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
February 14, 2012 - 10:26 pm
Hi Andrew,
Not all states have an OTP discount on stampd duty. For example Qld and WA determine stamp duty payable on the value of the finished product whereas Victoria used to (not sure if they still do) determine stamp duty on the value of the land andscaling up depending upon when the contract was signed.
With stamp duty it is certainly not a case of one size fits all states.
FWIW I would prefer to use a solicitor from the state in which the property is located. Some states have little tweaks that are best known inside the relevant states.
v8ghia
Member
@v8ghia
Join Date: 2005
Post Count: 871
February 22, 2012 - 10:50 am
Hi Andrew,
Highly recommended to use the solicitor or conveyancer from the state you buy in, as well as cheaper. If you decide to use one you know or use already, they will only end up subbing the task out to someone in the state you buy in, and then add their cut.
Cheers
andrew.os
Participant
@andrew.os
Join Date: 2010
Post Count: 12
February 22, 2012 - 10:57 am
Sounds good. Thanks for that feed back guys.
Cheers
Andrew
mattsta
Participant
@mattsta
Join Date: 2011
Post Count: 604
February 26, 2012 - 11:36 am
I'd also suggest to use a lawyer from the relevant state, as they would know the nuances of the regional law
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
February 26, 2012 - 11:41 pm
I am a lawyer and wouldn't even do my own conveyancing in another state. proceedures and laws can be very different between the states – especially in stamp duty.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au