When purchasing a property, it’s not just the cost of the property that you need to factor in – sometimes there are other costs and factors that need serious consideration that you probably wouldn’t know about if you haven’t purchased property before.

Conveyancing and property lawyers in Chatswood provide assistance in the process of buying in the real estate market.

It can a little overwhelming trying to understand legalise or real estate terminology whilst also understanding what is expected from you in the sale process. That’s why it’s recommended to consult with a property lawyer or conveyancing solicitor so you can protect your interests, make informed decisions and reduce any unexpected costs.

You wouldn’t want to be caught out in the middle of a sale process due to paperwork not being completed or submitted or extra costs needing to be paid which you didn’t factor in - and you certainly don’t want to be the one who doesn’t understand your obligations under the purchase/sale contract.

So today we’re going to discuss some of the common things that can be sometimes overlooked when it comes to a sales contract for a property and what can be included.

Transfer Duty

Historically known as ‘stamp duty’ until 2022, it is a payment that home buyers are required to pay when purchasing a property in NSW.

Each state has its own set up, but here’s how it works for NSW.

Transfer duty is payable in NSW when you buy any property including a family home or holiday home, an investment property, vacant land, a farming property, a commercial or industrial property and a business.

You also need to pay transfer duty when you acquire land, or an interest in land, without actually buying it.

Transfer duty is dependent upon the value of/sale price of the property in question. There are many online tools and calculators that can help you work out the cost of your transfer duty if you know the final sale price.

Get in touch with a good conveyancing lawyer or solicitor, like TY Lawyers in Chatswood, to talk through how this works and/or if it applies to your situation.

Land Tax

Land tax is a tax that is payable by the owners of land in NSW each year.

In general, your home or any land used for primary production, for example a farm, is exempt from land tax.

This is not an upfront cost if you are purchasing an investment or a holiday home for example, it’s something that will become a yearly payment.

Some examples of who needs to pay land tax – if you own or partially own:

• vacant land
• a holiday home
• investment properties
• residential, commercial or industrial units, including car spaces
• commercial properties, including factories, shops and warehouses

GST

The only time GST will be payable on the sale/purchase of a residential premises is if the property being sold is brand new and no one has lived in it before. 

Costs To Expect When Buying A Property

Some of the costs included when buying a property include upfront costs and ongoing costs. It’s important to take these into account before signing on the dotted line.

Upfront costs include: building and pest inspections, transfer duty, home loan fees, legal and conveyancing fees, lenders mortgage insurance and removalist costs.

Ongoing costs can include: council and strata rates, home maintenance and ongoing repairs along with home and contents insurance.

Our Team Of Conveyancing Lawyers & Conveyancing Solicitors in Chatswood

A conveyancing solicitor in Chatswood is someone who can help you navigate through the legalities and paperwork when you’ve got your finances in order and have found a property that you’re serious about proceeding with when buying or selling.

TY Lawyers can assist you every step of the way.

Contact us today to discuss your requirements and one of our experienced property lawyers or conveyancing solicitors in Chatswood will be able to assist you.

Call TY Lawyers Chatswood on: (02) 8007 0135.