Conveyancing is the process of transferring ownership of a legal title of land (property) from one person or entity to another. A typical conveyancing transaction consists of four stages - conditional stage, unconditional stage, effect settlement, after settlement care.
A conveyancer is a licensed and qualified professional whose job it is to provide advice and information about the sale/purchase of a property, prepare the documentation and conduct the settlement process. The most common reasons you would engage a conveyancer is when you are:
For the Buyer or Seller, a conveyancer will:
At a basic level, stamp duty is a tax imposed on numerous acquisitions, including selling real estate, cars and assets belonging to a business. It can also be imposed on home loans, gifts and some insurance. Depending on the circumstance, this tax can be paid by the purchasers or the borrower at a flat rate or based on the value of the transaction.
So who pays stamp duty? All transfers of land, or sales of property, including gifts of property attract a duty. There are, however, some concessions that may apply within certain states. Some of the concessions that are available are for: