Stamp Duty and Registration
When a purchaser is buying a property and borrowing funds from a Lending Institution, it is common practice for the Bank to retain the Stamp Duty and Registration Fees from the loan amount. This allows the Bank to pay the Government duties to change the ownership on Title and to register their Mortgage on the Title after settlement has taken place.
If you are paying cash for the property we will attend to the stamping and lodging immediately following settlement. We will ask you for the government fees required to change the ownership at the time of settlement.
The original Certificate of Title will then issue to our office in the name of the new owners. We will contact the new owners and have them collect the original Title.
We will then hand over the original Title and provide a photocopy for your records. You will, of course, be obliged to sign an Acknowledgement that you have taken the original Title from our office.
Disbursements are funds paid by Skilled Conveyancing Services Pty Ltd to obtain certain information on your behalf.
ie. Fees for Title Search, Company Search, Property Enquires Certificates (rate and planning certificates), Owners Corporation (formerly Body Corporate) information, Settlement Fee, Sundries, etc.
In relation to a purchase transaction, it is imperative that these enquires take place as the outcome of our enquiries could result in having the Vendor attend to an outstanding Notice which has issued against the property which has not been disclosed to you.
Remember, a fee of $40.00 for an enquiry on your behalf could result in the vendor having to rectify a problem worth thousands of dollars!
If there are outstanding rates and charges due to either the Council and/or Water Board, they are adjusted between the parties at settlement and cheques drawn for unpaid amounts.
This means when a Purchaser takes possession of the new property, all outstanding rates, interest and other penalties have been paid by the vendor and therefore there are no monies due to the Council and/or Water Board.
There are many reasons why you need to come and speak with us before you commit to purchasing a property!
Phone (03) 9729 3512 or fill in the form below for more information:
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