How Does It All Work?

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:

  • Buying or selling a property
  • Subdividing land
  • Updating a title (i.e. registering a death)
  • Privately buying or selling
  • Transfer pursuant to family court orders

For the Buyer or Seller, a conveyancer will:

  • Research the property and its certificate of title – check for easements, type of title and any other information that needs addressing
  • Prepare, clarify and lodge legal documents – e.g. offer and acceptance agreements, transfers of land
  • Liaise with your bank or financial institution for dispursement of funds
  • Calculate the adjustment of rates and taxes
  • Settle the property – act on your behalf, advise you when the property is settled
  • After settlement contact

Stamp Duty...
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:

  • First home buyers
  • Off-the-plan sales
  • Principle place of residence
  • Commercial or investments