Cost of Buying a House in Queensland
When buying a house in Queensland, the last thing you want is to be stung with a larger than expected lawyer’s bill at the end of your purchase. At Koolik & Associates we charge a fixed fee for our conveyancing service and we provide you with a Buyers Search List, which outlines the costs of each individual standard search and other optional searches which are available.
We have a standard set of searches which we strongly recommend be conducted on a property being purchased. Adverse results in some of these searches provide the Buyer with the right to terminate the Contract, while other searches provide essential information regarding the property.
Our search agent’s costs for all searches conducted are simply passed on to the Buyers without any additional charge from our office.
Our conveyancing quote provides you with a range of costs for the searches which allow for any optional searches you wish us to conduct, or any of the standard searches you instruct us not to obtain. Please note, not obtaining some searches may be detrimental to your rights under the Contract.
Transfer Duty (also called Stamp Duty) is a State Government tax paid on the value of the property being bought. This tax is calculated on the higher of the unencumbered value of the property or the purchase price. In the majority of cases, the “dutiable value” used to calculate the Transfer Duty is the purchase price noted on the Contract.
Transfer Duty Rates vary according to the “dutiable value” of the property. If you are buying the property as your home you may also be eligible for Transfer Duty concessions.
Contact our conveyancing team to discuss the Transfer Duty payable and your eligibility to concessions.
The Queensland Department of Natural Resources & Mines (also called the Queensland Titles Office) charge lodgement fees to register the Transfer and to note the ownership change in the Titles Registry. The costs of these lodgement fees is dependent upon the purchase price. Contact our conveyancing team if you wish to discuss these fees in more detail.