If you are looking to buy a residential or commercial property you need to know how much you will pay in Transfer Duty.
Transfer duty (commonly referred to as Stamp Duty) is a tax imposed by the Queensland Government on the purchase of property, both residential and commercial and is payable by the buyer under the standard Contract terms.
The amount of the duty is determined by the purchase price of the property together with any concession you may be entitled to. First Home Buyers will receive a concession (up to $550,000.00 provided it is their principal place of residence) and any home buyer will pay a lower rate of transfer duty if the property is to be their principal place of residence. Buyers who are purchasing a property as an investment will pay a higher rate of transfer duty.
Our experienced Conveyancers, Property and Commercial Lawyers can calculate your transfer duty liability and advise whether you qualify for a concession.
If you are about to purchase a property and need Conveyancing Works, contact us today on 07 3870 8244 for advice about Stamp Duty.