conveyancing brisbane

APPLYING FOR A FIRST HOME OWNER'S GRANT IN QUEENSLAND

HOW TO APPLY FOR A FIRST HOME OWNER'S GRANT IN QUEENSLAND

FHOG_queensland

The Queensland Government offers a grant to first home buyers to purchase their first home sooner.

The grant may be from $15,000.00 to $20,000.00 however is only available if you are buying or building a new home. This home must be your first home purchase with a sale price that is less than $750,000.00.

In addition:

  • You must be at least 18 years of age.

  • You must be an Australian citizen or permanent resident (or applying with someone that is)

You or your spouse must not have previously owned property in Australia that you/they lived in.

  • You can buy or build a new house, unit or townhouse

  • It can be off the plan or you can choose to build yourself

  • You must be buying or building a brand new home

  • The value of the home including the land must be less than $750,000.

  • You must move into the new home as your principal place of residence within 1 year of the completed transaction and live there continuously for 6 months.

You can click on the following site to check your eligibility for the First Home Owners Grant.

FIRST HOME OWNERS GRANT ELIGIBILITY

While this guide will explain applying for a first home owner grant, and your obligations after receiving it

APPLICATION GUIDE

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