What should happen in a conveyance?
Transferring a property – is just the tip of the iceberg – when completing a conveyance.
When people think of conveyancing, they generally think of someone filling out the paperwork to transfer a property from Person A to Person B – there is however a bit more too it than that.
Your conveyancer should:
- advise you of the critical dates and rights under the terms of the Contract
- ensure the Transfer is completed correctly for registration
- calculate the settlement figures taking into account rates, water rates, and body corporate levies (if applicable)
- calculate your Transfer Duty (formally known as Stamp Duty), stamp the Transfer and ensure payment is made
- arrange for payment of the Seller’s GST liability to the Australian Tax Office when purchasing a new property (if applicable)
- arrange for payment of the Seller’s Foreign Resident Capital Gains Withholding amount (for properties worth more than $750,000.00)
- ensure any Land Tax owing on the property is paid to the Office of State Revenue; and
- ensure settlement is completed on your behalf.
If the above tasks are not done correctly, you may be liable for significant penalties.
At Map Lawyers, we have the right people on the job to make sure that a transaction goes through smoothly and when issues do arise, you are supported with the knowledge you need to make decisions. If you are thinking of buying or selling, we would love to chat with you today.