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Closed deal of buying a houseWe have provided the following information to aid you with common questions you may have regarding our services and general conveyancing questions.

Transfer of Property

I wish to transfer some property to my son. Do I have to pay stamp duty?

Answer:

Usually yes – but not always. This is a specialised field and we recommend that you consult us before you do anything. Also – there may be GST and capital gains tax issues to consider.

 

Own Conveyancer

The agent has recommended that I use “his” conveyancer in the transaction as he/she will act for both parties and thereby keep costs down.

Answer:

Best to appoint your own conveyancer – One that you know will only be acting for you and will advise only you if a conflict of interest arises. Conflicts these days are very common. The small amount that you MAY save is not worth it.

 

Investment Properties

I own 2 investment properties and am thinking of buying another. What should I look out for?

Answer:

Many things – including the likely Land Tax payable. The extra purchase may increase the Land Tax you pay on this AND also increase it on the existing properties.

 

Government Charges

I have purchased a property recently and am not sure of government charges. Can you help?

Answer:

Government charges vary with the purchase price. There are 2 main charges – Stamp Duty and Lands Titles Office fees. Also there may be some concession in stamp duty in some cases. Either call us and we will discuss and advise or visit the RevenueSA and/or Land Services website.