Hi guys,
I am about to settle on a property in the next few months and I was wondering about the following:
1. In regards to the stamping of the transfer of land who undertakes this. Is it the lender or my conveyancer and when is this undertaken? At settlement or before? and when is it paid?
I am a bit confused as my lender asked me this question and wasnt sure how to answer this. She advised the bank can do this along with registering its mortgage.
Look forward to any sort of help or possibe document guide on the net.
Thanks
Lou
Hi Lou
My guess would be that it's more usual for the purchaser's solicitor/conveyancer to pay the stamp duty prior to settlement but, as you can see, lenders sometimes offers to do this. Just check with your conveyancer, to see what she had planned.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
I've always provided the cheques to the solicitor as they then arrange for attendance at the settlement and payment of all disbursements.
In all purchases I have made, the solicitor/conveyancer has paid the stamp duty on my behalf and had the docs stamped.
As per above except if it is a delayed settlement. Stamp duty (NSW anyway) needs to be paid within 3 months of the contract being signed, and on one occasion, I did it myself as I was able to get to the Office easier and quicker than the solicitor. BUt as a general rul, I would think that it is easier for the solicitor/agent to do this for you.
Tammy
Tammy,
Does that mean if you have a 12 month settlement, you pay stamp duty 9 months prior to settlement? If this is the case and you don't settle, can you get a refund.
JLHi Lou,
Check out the State Revenue Office website in your state, they should have the answers. If no luck try your solicitor/conveyancor as they usually oversee this activity. The documentation has to be prepared for the lender, prior to settlement and the Stamp Duty usually comes out on or after the settlement date. You will need to nominate an account for it to be taken from.
Regards,
Dean Lynch
http://www.deanlynch.com.au.Hi JL,
Yes, unless something has changed in the last few years, you pay within 3 months of exchange, and yes I was on an extended settlement and paid it at the 3 month mark, the property settling 4 months after that. I cannot answer what the outcome is should you not settle. Perhaps there are those with more experiecnce on this forum that can answer that.
Cheers
TammyRefunds are available on application ie they cannot charge SD on a contract which does not come into force. This is the same for sequential leases where they are terminated prior to their commencement date.
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