Stamp Duty
Stamp duty is a tax imposed by all state and territory governments in Australia on most property transactions. The buyer is responsible for the payment of stamp duty. The rate of duty you pay is linked to the value or purchase price of the property and it is often a considerable expense. You should factor stamp duty into any decision to buy property.
In Victoria, the State Revenue Office (SRO) administers stamp duty. The SRO website contains information about stamp duty concessions and exemptions that you may be entitled to and also has a calculator that you can use to determine how much stamp duty you will be liable to pay. See: www.sro.vic.gov.au
The work that we undertake for you for the fixed fee will vary in each state in order that we can meet the specific obligations required in that state.
What is Cooling Off?
After exchange, the purchaser may have time to “cool off”. Cooling off does not apply to sales at auction.
Victorian purchasers may end the contract within three (3) business days of the day that the purchaser signs the contract, if none of the exceptions listed below applies to the purchaser. The purchaser is entitled to a refund of all money it paid except for $100 or 0.2% of the purchase price (whichever is greater).
The three (3) day cooling off period does not apply if:
- The purchaser bought the property at or within three (3) business days before or after a publicly listed auction; or
- The purchaser and the vendor previously signed a contract for the sale of the same land, in substantially the same terms; or
- The purchaser is an estate agent or a corporate body.
