Buying a new property means a lot of documentation and procedures. The buyer and the seller need to be informed of all the requirements of changing laws and regulations regarding transfer of property. Transfer duty rates apply when a property is transferred from one owner to another. These rates have recently been revised. Different rates might be applicable to different states. The government of Queensland has announced an adjustment that will be effective from August 01, 2011.
All reputed conveyancing professionals in Brisbane are well aware of these changes in the transfer duty rates and advise their clients accordingly. The most important part of the transfer duty change is that buyers will no longer get a Home Concession if they are purchasing their principal place of residence. This duty will cease on July 31, 2011. However, the first home transfer duty concession and first home vacant land concession are still applicable. Thus, if a contract is entered into on or before July 31, 2011 will be according to the current transfer duty rates while a contract entering into on or after August 01, 2011 will be subjected to new rates of transfer duty.
A new six-month $10,000 Queensland Building Boost Grant(QBBG) has been introduced and the $7,000 First Home Owners grant continues. The QBBG is applicable to any person or corporation that buys or builds a new home to reside in or rent out for the purpose of investment. This grant will be available for houses valued less than $600,000 and will be applicable from August 01, 2011 to January 31, 2012. This means that home owners, investors or corporations will greatly benefit from this change. Another important thing for the buyers and sellers to understand is that there will be a continuation of application of the standards $7,000 first home owner grant. The regional first home owner grant, however, will no longer continue after June 30, 2011.
There can be difficult calculations for the transfer duty as it varies according to your circumstances. This is where you would require expert professional help from coveyancing solicitors in Gold Coast. They will not only provide you with an accurate figure of the transfer duty but, will also discuss if you are eligible for the Queensland Building Boost grant or the First Home Owners grant.
Buying a new property or building a new home can be complex. You need to know all rules and regulations regarding conveyancing, such as transfer duty rates, so that you do not end up paying more that what you are supposed to.
