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Am I liable for Surcharge Purchaser Duty?

Am I liable for Surcharge Purchaser Duty?

Foreign persons purchasing real property in NSW may be liable to Revenue NSW for “Surcharge Purchaser Duty” which is an additional 8% on top of any normal transfer duties applicable to the transaction. If you are an Australian Citizen you are not liable for Surcharge Duty.

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What does it mean if the property I am buying is “Limited Title”?

What does it mean if the property I am buying is “Limited Title”?

In some instances, a client may purchase a property which is ‘limited title’ but what does this mean? In short ‘limited title’ means that the boundaries of the land that is being purchased have not been verified by the NSW Land Registry Services. It’s often non problematic for the landowner in that it will most likely not interfere with their use and enjoyment of the land once owned however it may have some consequences for a purchaser’s bank when they try to obtain finance to purchase the “limited title” property.

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Joint Ownership of Property

Joint Ownership of Property

There are two ways you can own a property jointly with another person, these are Joint Tenants or Tenants in Common. The implication of owning a property as Joint Tenants is that upon either owner’s death, the property immediately vests in the surviving tenant despite what is written in the deceased’s Will.

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Stamp Duty Changes and Options

Stamp Duty Changes and Options

Recent changes to the Duties Act 1997 have resulted in an expansion of “dutiable transactions” to include “change of beneficial ownership”. The grant of a put and/or call option is now a dutiable transaction and stamp duty is payable on the option fee which is paid by the purchaser in consideration of the landowner granting the option.

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What exactly is Probate?

What exactly is Probate?

Probate is a court order granted by the Supreme Court of NSW which confirms that: • The deceased’s Will is valid; and • the Executor has permission to distribute the estate according to the Will.

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