What do we do - Buyer

Upon receipt of the Contract and satisfaction of any special conditions, the Settlement Agent will conduct a number of searches and enquiries including, but not limited to, the following:

• a copy of the Title and any encumbrances
• submit a rates enquiry.

The Settlement Agent/Conveyancer will send you a number of letters/forms/and documents including :

• Appointment to Act,
• Transfer of Land document
• Stamp duty rebate form.
• Preliminary settlement statement

At this point you may also be requested to send the Settlement Agent/Conveyancer your cheque for stamp duty. If you qualify for the First Home Owners Grant (FHOG) you may also qualify for a rebate for stamp duty. If you qualify for a rebate of stamp duty the Office of State Revenue will provide you with a letter confirming approval of your FHOG application together with a form and/or identification number which is enables you to obtain the stamp duty rebate. Please ensure that this form and/or identification number is provided to your settlement agent as failure to do so could result in you having to pay the full stamp duty.

Pursuant to the Joint Form of General Conditions you must provide the seller with a stamped Transfer of Land document at a reasonable time prior to Settlement. Payment of stamp duty MUST be made prior to Settlement.

If your loan amount includes your stamp duty or you are using some of your grant to pay costs then the Transfer cannot be stamped early in the settlement process.

The Transfer must be stamped PRIOR to Settlement ie the stamp duty MUST be paid prior to Settlement.

As your loan amount and your grant are not released until Settlement has taken place, you and your Settlement Agent are in a catch 22 situation. Your Settlement Agent cannot effect Settlement until the Transfer is stamped, but the stamp duty monies are not available until Settlement has occurred. In these situations you must make alternative arrangements for the payment of stamp duty.

Payment of stamp duty is your responsibility and your responsibility alone.

We therefore recommend that when determining the amount of deposit you will pay with your offer, you should also take in to consideration the amount of stamp duty that will be payable prior to Settlement and ensure that you have sufficient funds in your account to meet this obligation.

At the time when your settlement agent/conveyancer sends documents to you, they also provide copies of the Title/Transfer and settlement statement to your Bank/Mortgagee to enable them to prepare mortgage documents.

Once the documents, you have received from your Settlement Agent, are signed you should return them immediately to your Settlement Agent together with the stamp duty cheque.

The Contract and Transfer are stamped at the Office of State Revenue and the Transfer is then sent to the Seller's Settlement Agent/Conveyancer for the Seller's execution.

The Settlement Agent/Conveyancer liaises with yourselves, your bank/ the Real Estate Agent and the Seller's Settlement Agent/Conveyancer to ensure that all conditions are met and everything is in order for Settlement.