It is often confusing as to what duties and taxes you will be liable to pay upon the purchase of property. During the purchase process we will discuss your obligations under the Duties Act 1997, where it stipulates that stamp duty must be paid to the Office of State Revenue on the sale or transfer of land in New South Wales.
We understand that this could be confusing, as Stamp duty is calculated on a scale which is subject to change and it is also based on the dutiable value of the land, as such will guide you through the process. Ordinarily it is payed within three (3) months of the Contract being exchanged, however in some instances such as off-the-plan purchase this time frame is extended.
If you are new to the property market you may be entitled to some government grants that could aid with the purchase of property. As this is one of the most important decisions you are likely to make, we are here to assist you as our client in the purchase of property, and to closely guide you along the way giving you up to date information on the process.
Under the Duties Act 1997, you may be eligible for the “First Home – New Home Scheme” which is applicable to newly constructed properties. If you are eligible, we would closely guide you through this often confusing process.
