The Property Banks Buyers Guide to Australia
STANDARDIZED PROPERTY
Property value: 2,184,039
City: Sydney
Registration Requirements:
Procedure 1*.
File
for a title search certificate, maps, land tax certificate,
easements and covenants recorded on the title from the Land and
Property Information Department
Time to complete: 1 day (30 seconds online, 30 minutes over the
counter)
Cost to complete: AUD 8.25 each item x 5 items = AUD 41.25
Comment: The seller is responsible for obtaining a title search,
plans, easements and covenants recorded on title from the Land and
Property Information department.
These documents must be attached to the Contract for Sale
(prescribed documents).
Procedure 2*.
File
for a Zoning Certificate from the Municipal Council
Time to complete: 2 days (about 7 days to return by post)
Cost to complete: AUD 40
Comment: The seller is responsible for obtaining a Zoning
Certificate from the Municipal Council.
This document must be attached to the Contract for Sale (prescribed
documents).
A Building Certificate can also be obtained from the Municipal
Council, but it is not mandatory.
Procedure 3*.
File
for a Drainage Diagram from the local water authority
Time to complete: 1 day (can be done online, then wait 7 days for
return by post)
Cost to complete: AUD 14 (includes service fee)
Comment: The seller is responsible for obtaining a Drainage Diagram
from the water authority.
This document must be attached to the Contract for Sale (prescribed
documents).
Procedure 4.
Contracts for Sale must be stamped with ad valorem stamp duty (i.e.
according to value) at the Office of State Revenue
Time to complete: 1 day (over the counter)
Cost to complete: Stamp duty, according to the following schedule of
tariffs on a sliding scale: Value of property + GST (in AUD) Stamp
Duty (in AUD) Below 14,000 1.25% From 14,001 to 30,000 175 + 1.5% of
excess over 14,000 From 30,001 to 80,000 415 + 1.75% of excess over
30,000 From 80,001 to 300,000 1,290 + 3.5% of excess over 80,000
From 300,001 to 1,000,000 8,990 + 4.5% of excess over 300,000 Over
1,000,000 40,490 + 5.5% of excess over 1,000,000
Comment: If there are no outstanding interests in the property, then
the solicitor for the buyer prepares a Transfer form (obtained from
the Department or available online) for execution by the seller.
The transfer may also be completed by the buyer and the Transfer
(and other forms) are available in a PDF format on the LPI website
at:
http://lpi-online.lpi.nsw.gov.au/e-rpforms/index.html
The forms are interactive with popup notes to assist completion and
modification of appropriate parts of the form. Whilst it is possible
for the buyer to complete the documentation, a solicitor either
privately engaged or possibly an in-house corporate solicitor would
invariably complete the transfer, as well as handling the rest of
the conveyancing transaction, in a situation such as the proposed
case study. Solicitor's fees will be around AUD 1,500
The contract is sent to the Office of State Revenue and stamp duty
is paid (by purchaser).
If stamping of the Contract does not occur within 3 months of
exchange penalty duty is payable on the amount of stamp duty payable
at the rate of 12.78% per annum.
Procedure 5.
Notice
of Sale, Transfer and Certificate of Title are lodged with Land and
Property Information by the Buyer
Time to complete: 1 day—minutes face to face, up to 2 days bulk
lodgment
Cost to complete: AUD 77.25
Comment: The Transfer and Certificate of Title (owner's copy) are
then sent to the Land and Property Information Department for
registration.