Australian Capital Territory Conveyancing Guide

 

 

Disclaimer - The information contained in this guide is of a general nature and intended only to provide a guide to assist you in understanding the process carried out for you by a conveyancing practitioner and should not be used as a substitute for professional advice from a conveyancing practitioner acting for you in your sale or purchase.

 


 

What is Conveyancing?

Conveyancing is the area of law concerned with the preparation of documents for the transferring of property. Both the buyer and the seller of a property will engage the services of a conveyancing professional, who will represent the buyer or seller and complete the legal requirements of the sale.

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What happens in a Conveyancing transaction?

While each sale or purchase is unique, all will involve these primary steps.

Buying a property
  • Checking the marketing contract and contract for sale and advising you about the terms;
  • Obtaining and examining a search of the title;
  • Obtaining searches and enquiries such as rates amounts and money owing to ActewAGL;
  • Signing transfer documents;
  • Arranging for payment of stamp duty on the contract;
  • Checking Settlement Statement;
  • Providing documents to your bank;
  • Arranging and attending the settlement.

 

Selling a property
  • Taking instructions from you to preparing the marketing contract;
  • Obtaining and examining a search of the title;
  • Checking the marketing contract and advising you about its terms;
  • Arranging with your bank to provide a discharge of its mortgage;
  • Signing transfer documents;
  • Arranging Settlement Statement setting out adjustments for rates, deposit paid, allowances for pest & building reports, payout figures, legal fees etc;
  • Arranging and attending the settlement.

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Stamp Duty – rates and exemptions

The transfer of property purchased in ACT will be subject to the payment of stamp duty. Some concessions are made for owner-occupied property.

You can calculate the stamp duty on the purchase price of a property here -

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First Home Owner Grant

You can read about the First Home Owners Grant here-

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