Obviously, it's the buyer who pays stamp duty on a purchased property but just wondering what people's experience with it was?
Is it part of the conveyancing process that your lawyer/conveyancer does for you?
Is it something separate that the buyer does outside of the conveyancing process?
Does paying the stamp duty convert you from a caveat on the title to the proprietor?
Talking Victoria here.
Cheers. Does the payment go to the conveyancer or directly to the SRO?
It is all worked out for you prior to settlement. Generally all the costs are part of the home loan including the conveyancing fees. It's probably the least stressfull part of buying because it's completely out of your hands and you just wait for the phone call to say you can pickup the keys.
Yeah, that's what I assumed. Unfortunately, I am speaking about a purchase that has already happened quite a while ago. I think my conveyancer stuffed up but at the end of the day it's my responsibility. I'll see if the conveyancer can sort it out as the previous owner is still on the title (recently discovered!). You know the saying "death and taxes".
How long ago? It may take a few months before the stamp duty is processed, the transfer instrument stamped and before you're registered as the new proprietor (from the date of settlement) of the property.
Settled in Feb 2014 so quite a while. My bank documentation shows that they took care of stamp duty as part of the documentation (not official gov documentation) they gave me.
However, it's not showing on the title showing duty paid.
Yeah, sounds strange… chase your conveyancer for clarification.
I assume that the title search was done very recently.
See if the titles office and the sro can assist you.
Yeah did the title search today via Landata.
I retrieved the following:
There are a huge amount of documents retrievable but nothing relevant to duty paid as far as I can tell.
I gather you have a mortgage and if you do then the bank you have the home loan with would hold the title. If the previous owners name is on the title it only means they were the original people/person to purchase the land. The title never changes what is originally written on it but whoever is in possession of the title the holder/owner of the land and whatever is on it owns it.
Yes, I have a mortgage. On the title (retrieved via Title's Office), the proprietor is the former owner. I am listed under ENCUMBRANCES, CAVEATS AND NOTICES as a caveator. Apparently a caveat is lodged when you sign the contract.
Actually, just looked at my loan documentation and it appears that the bank paid the stamp duty. Still confused about the title as I need documentation to show duty paid. My bank told me to get it directly from the titles office.
The conveyancer would have all that information & should be able to give you a break down of costs.
OK, so I wasn't going crazy. My conveyancer thought it was very strange and told me to contact bank/lender. They told me they forgot to file with the titles office but have now submitted it to them. This is after 11 months!
The conveyancer looks after all that and pretty much all you need to do is make sure you have the $$$ ready come settlement:)