The Answer in a Nutshell:
The Australian legislative framework introduced to simplify electronic commerce operates in a variety of contexts.
You only have to open a newspaper, turn on the TV, or do a quick Google search to see the latest news on the growth of property prices along the east coast. While Sydney is grabbing the headlines, more recently the Gold Coast has streaked ahead, with a huge growth in prices being attributed to the upcoming Commonwealth Games.
With the property market on the Gold Coast and in Brisbane really starting to take off and interest rates continuing to remain so low, now is the perfect time for a first homebuyer to enter the market. Many first homebuyers however are probably unaware of the associated costs of purchasing a property.
The most important part of the conveyancing process begins before you even sign the Contract of Sale for the property and it’s something many buyers fail to consider. It’s the simple task of reading the contract in detail and having it reviewed by your solicitor.
With the recent news of skyrocketing property prices there comes another associated rising cost in the form of stamp, or transfer duty payable on the property. Transfer duty is payable on the price of the property purchased, which means that an increase in prices brings a corresponding increase in transfer duty.