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Do It Yourself
Conveyancing
(The Buying and Selling of Real Estate)

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Conveyancing is the act of conveying or transferring land (and whatever is on it) to from one person or entity to another. Freehold land is mostly under the Torrens Title System otherwise it is Leasehold land, leased from the Federal or State Governments. It is equally simple to do a transfer of either type.

Throughout Australia the procedure is much the same apart from minor variations such as each state has its own forms, stamp duty and registration fees. Everyone has the right to do their own conveyancing. However, don't be tempted to do it for someone else in Queensland only solicitors have that right and are required to be registered in the Queensland Supreme Court. Heavy penalties can apply.

The Torrens Title System was named after after Sir Robert Torrens who introduced the system to South Australia in 1857. Queensland was the next in 1861 followed by the rest of Australia the following year. In 1994 the Land Title Act introduced the paperless registry.

Today with one of our 'Do It Yourself Kits' with its free backup service (for queries and to check your papers) you can complete the main documents under an hour for a purchase of a house and/or land for approximately a total of $480 including registration (up to a value of $180,000) plus stamp duty.

Stamp duty on vacant land or house and land as an investment would be at the scheduled rate, whereas there is a concession for those who intend for it to be their principal residence, particularly if it is the first home. Registration is $120.50 up to a value of $180,000 otherwise an extra $25.60 for every $10,000 or part thereof over $180,000.

Most searches are immediate and some can be done on the internet, with the essential papers completed in about an hour. When obtaining a mortgage, always check what searches are required by your mortgagee (lender). Usually the traditional banks couldn't care less.

Councils (local governments) take the longest, about ten working days, and charge the most. One wonders with computerisation why it takes so long! Why not ask your local councillor?

A search firm can provide a prompt response for those unable or unwilling to phone, call or write. Searches are also available on the internet, e.g. Citec,www.confirm.com.au phone (07) 3222 2700, outside Brisbane 1800 773 773.

When buying a pair of shoes or clothes it would be prudent to try them on before buying, so it is suggested to obtain from the Title Office, DNR & M @ $12.80 each a Current Title Search to establish the seller is the registered owner and what restrictions, encumbrances exist (Easements. Mortgages) and if there is a paper Title and a copy of the registered/survey plan to identify if it is the correct piece of land, before signing the contract.

In another state it has been a requirement that the vendor provide the above before signing the contract. Why not Queensland ?

Disclosure of all approvals and inspections as well as building and pest inspections reports.

Also remember to read the fine print, particularly Clause 5.2(2) "If the Buyer pays the Seller's reasonable expenses, it may require the Seller to produce the Transfer Documents at the Office of State Revenue nearest the Place for Settlement for stamping before settlement". This is a way of saying that the buyer agrees to pay the vendor's solicitor extra and known to be as much as $400 to pay stamp duty on the buyer's contract on a property owned by the purchaser when using a mortgage. It is not unknown for some solicitors to require this fee although the buyer is buying for cash and the buyer is entitled to pay stamp duty after settlement.

Why not ask your State Member of Parliament "Why is Queensland the only State in Australia that permits this practise?"

To overcome this insert " No Production Fee" under Special Conditions which is also the page you sign and initial. Should anyone object say "that is my offer".

The best place for the buyer to have settlement is the Titles Office especially as it is prudent to make a last minute check search of the title immediately PRIOR to settlement. The best place for the Vendor (seller) is the bank.

In accordance with the conditions of the contract the vendors mortgage/s are released at settlement.The registration of its release at present is a $120.50 adjustment at settlement.

First home concession, which first commenced 1st. August 2004, has been raised to $500,000 for 100% rebate with concessions available for purchase up to $549,999.99.

Land Tax. First introduced in 1910 by Federal Government to fund a National Age Pension Scheme and to break up big estates, abolished 1953 then applied by the states. Where you live (Principal Residence) is Tax Exempt even if its worth millions $$$. Make sure that you search for the vendor's land tax (unpaid Tax) and re-imburse yourself at settlement, otherwise you could inherit it.

When ordering a KIT, so that the correct forms can be included e.g.with a purchase, please state if the information is available, that it is Vacant Land, an Investment or to be your Principal Place of Residence and which Local Authority (Council) the property is under also if it is a Unit or Town House as this assists us to highlight the sections relevant to your purchase. The same applies should the transaction be between related people, e.g. within the Family.

Conveyancing: The Buying Only Kit

Contains instructions and the necessary forms. (Not including contracts).

Conveyancing Buyer small

See the Conveyancing Buyer's Kit Table of Contents

Price: $100 Postage and Handling $5.50 (if required). Should the purchase be of a unit or group title then an extra $13 for additional forms.

Conveyancing: The Selling Only Kit

Contains instructions. No forms are included as most Contracts of Sale state that 'the buyer will prepare the documents'. Contracts are available if required. The most difficult part is to be able to sign your name and to count the bank cheque.

Conveyancing Seller small

See the Conveyancing Seller's Kit Table of Contents

A client recently said if he had known how much capital gain tax he will have to pay after selling, he would not have sold, so check with the Australian Tax Office before siging a contract. Where you live is tax exempt, records must be kept for 7 years. This tax was introduced after Death Duties were abolished.

Price: $60 Postage and Handling $5.50 (if required).

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