CONVEYANCING STEPS FOR GIFTING PROPERTY IN QLD

WHAT ARE THE CONVEYANCING STEPS FOR GIFTING A PROPERTY IN QUEENSLAND?

People often ask whether the conveyancing process is necessary when gifting a property to a family member or third party. In addition there is also the question of stamp duty…

CONVEYANCING
The conveyancing of a property to be given away or gifted is straight forward and this thus named "Transfer" is a regular conveyancing practice. A standard fee applies. The only other normal cost of the conveyancing will then be the two title searches. A title search is conducted at the start of the process, and also one on the day of settlement.

It is necessary for the Solicitor to prepare and sign the standard titles forms. If there are mortgages held by the Bank, it will also be required to organise settlement with the corresponding Bank.

STAMP DUTY
Stamp Duty is payable to the Queensland Government in all property transfers unless there is 
(i) a concession for first principal place of residence or
(ii) a transfer by one partner of a relationship to give the other person partner a 1/2 share or
(iii) in a relationship breakdown where there is a Binding Financial Agreement or Orders from the Family Court.

If you have any questions about your eligibility for these concessions, we can provide legal advice by phone or email by calling 07 3013 2300 or via our contact form.

Where stamp duty is payable it is calculated on the market value of the property.

The market value is determined by either 
1. A valuation from a registered valuer or
2. Obtaining a Letter of Appraisal from a Real Estate Agent. The Letter states the market value, confirming it with the address of 3 recent comparable sales in the area. 

For more information about gifting and transferring a property in the state of Queensland contact Horrocks Solicitors. Every conveyancing settlement is different and the specifics of your contract will be handled by one of our highly qualified staff ensuring you get settlement success.

For more about Conveyancing Brisbane return to our Home Page.

BUYING PROPERTY IN A BRISBANE FLOOD ZONE

BUYING IN A POSSIBLE FLOOD ZONE IN BRISBANE

The Brisbane river has a history of significant flooding beyond it’s brown riverbanks. Many potential Buyers of real estate in Queensland will ask Horrocks Solicitors what they need to know about buying a house in a flood zone in Brisbane.

As Brisbane sits on flood plains the possibility of a future flooding is high; especially when you take into account that the highest recorded floods occurred as recently as 2011 and 1974, in addition to earlier floods throughout the last century.

buying_property_floodzone_brisbane

If you are concerned about the possibility of buying a property in a flood zone. You can make the following inquiries before you enter into a contract:

1. Flood Awareness Map / Brisbane City Council

The information in this map is sourced via flood studies conducted by the Brisbane City Council.

Click on the Flood Awareness Map and follow the links, it is important you read and

understand the conditions of use. This Map will give you a percentage likelihood of flooding

including details of the 1974 and 2011 floods.

>>> FLOOD AWARENESS MAP

Brisbane_Flood_Maps_For_Buyers

2. FloodWise Property Reports

FloodWise Property Reports show the risk and type of flooding at a specific property including estimated flood levels.

>>> FLOODWISE PROPERTY REPORTS

5 QUESTIONS TO ASK BEFORE BUYING A HOUSE

Before you take the leap and make what may become one the biggest purchases of your life there are a few pertinent questions to consider when buying a house.

Here are 5 important points you need to know before you sign a new house and land contract in Queensland:

5 QUESTIONS TO ASK BEFORE BUYING A HOUSE

  1. Do I have sufficient funds to complete the purchase and do I need to make the contract subject to finance approval?

  2. What are the legal costs for conveying the property into my name?

  3. What transfer duty and Titles Office registration fees will I have to pay?

  4. How old is the house and other improvements on the property; have they been approved and inspected by the local Council?

  5. Do I need to add any special conditions to the contract? for example: settlement subject to confirmation of Council approval and final inspections, sale of my property etc.

5 STEPS AFTER SIGNING A CONTRACT FOR BUYING A HOUSE

Once you’ve committed to the purchase and signed the contract here are 5 steps you need to take immediately

        1. pay any deposit when due

        2. send a copy of the signed contract to your financier to start the formal application for finance approval

        3. engage the services of a building inspector if the contract is subject to a building and pest inspection

        4. arrange for building insurance cover to start straight away if the property is a house

        5. engage the services of a solicitor to do the conveyancing for you

For professional service from Brisbane’s most experienced conveyancing solicitor John Horrocks contact Horrocks Solicitors today for a fixed fee quote or a free contact review. Phone 07 3013 2300 or email admin@rivercityconveyancing.com.au.

5 questions to ask when buying a house