How do I know how much Stamp Duty I will have to pay?
When you buy Victorian land, which may include buildings, you are liable to pay land transfer duty (otherwise known as stamp duty). The duty payable is based on the market value of the property or the purchase price, whichever is greater.
You can use this calculator for a basic guide of the stamp duty you can expect.
Keep in mind, if you are a first home owner, you may be eligible for a discount. Make sure you contact Tick Box before you purchase to ensure you do not have any nasty surprises.
How do I know how much Land Tax I will have to pay?
If you own property, you may have to pay land tax. However if you live in your own home, it is generally exempt.
You can use this calculator for a basic guide.
If you are in any doubt about your land tax, or if you are not even sure if you should be paying land tax on property you own, please ensure you contact Tick Box Conveyancing for a quote.
What is VOI? Why do I need it?
VOI stands for Verification of Identity.
Most of the documents you need to sign through the conveyancing process will need VOI. This is to ensure the people signing the documents are who they say they are.
At Tick Box, we make the process as easy as possible. We can arrange for VOI to occur at your place of work through our ZipID service.
What is PEXA?
PEXA is Australia’s biggest online property exchange network. It effectively allows conveyancers the ability to lodge documents with Land Registries and complete financial settlements electronically.
This has revolutionised the way conveyances are conducted in Victoria.
Tick Box Conveyancing is one of over 3,000 members of PEXA, allowing us to conduct seamless and efficient electronic conveyancing with fellow members.
Do you hold a Statutory Trust Account?
Yes. Only licensed conveyancers are entitled to hold such an account.
What is a caveat?
A caveat protects your interest in a property. Simply put, it is a way of telling anyone who wants to deal with the property to be aware of that someone else’s interest already has priority. That means that anyone who checks the Certificate of Title of the property will be alerted of the interest of the “caveator” in the property.
Have you recently purchased? Speak to us about registering a caveat today.
Why do I need title insurance?
Title insurance is available to home owners, commercial property owners, residential mortgage lenders and commercial mortgage lenders. At Tick Box Conveyancing, we will always work diligently to identify any restrictions or risks that may affect the use of the property you have purchased in the future.
Title insurance is a good option to protect you from “unknown risks”. “Unkown risks” are risks that are not identified during the Conveyancing transaction and cause financial loss to the owner. “Known risks” are any defects in title that are disclosed by the vendor or otherwise discovered by the purchaser prior to settlement.
Insurance can protect you against many of these risks.
To learn more, contact Tick Box Conveyancing.
What is my “cooling-off period”?
A “cooling-off period” is a defined period of time in which you are able to walk away from a contract.
Where residential real estate is concerned, this period is usually three business days from when the contract was signed. However, a number of exceptions apply to this rule.
For instance, properties purchased at auction are not subject to a “cooling-off period”. Similarly, a property purchased by a company is not subject to a “cooling-off period”.
If you are interested in purchasing a property and would like to know more, contact Tick Box Conveyancing.
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