A: Retirement village purchases are different from purchase of land transactions, in that they are generally long leases, rather than actual "purchase" transactions.
A special act of parliament governs the stamp duty payable in such matters, which is generally much lower than ordinary purchases - and at times even totally exempted from duties.
This can represent a large saving when time comes to sell the family home, and move into more manageable accommodation.
Your legal team can handle the sale of house transaction, and they can also manage the complex retirement village documentation, to ensure that everything you negotiated in the purchase bid is reflected in the contract - especially the finishes you select, such as air conditioning, special security arrangements, and colour schemes.
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Written by the Property Law team at Liberty Legal & Conveyancing Pty Ltd.
Or for specific advice on your property matter, email:
e@eLiberty.com.au
Written by the Property Law team at Liberty Legal & Conveyancing Pty Ltd.
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Recent Questions
- Q: ANOTHER BUYER WANTS TO BUY THE HOUSE - WHAT IS A RACE TO EXCHANGE?
- Q: DO I NEED A CONTRACT TO SELL MY COMMERCIAL PREMISES?
- Q: DO I NEED A CONVEYANCER FOR MY RETIREMENT VILLAGE PURCHASE?
- Q: DO I OWN THE WATER ON MY RURAL LAND?
- Q: HOW MUCH CAN I SPEND ON MY HOUSE TO QUALIFY FOR A STAMP DUTY EXEMPTION?
- Q: I'VE BEEN ASKED TO PAY A 0.25% DEPOSIT. WHY?
- Q: THE HOUSE IS TENANTED BUT I AM A FIRST HOME BYER
- Q: THERE IS A TENANT IN THE PROPERTY I WISH TO PURCHASE, BUT I WANT TO MOVE IN
- Q: WHAT DO I DO WHEN I'VE FOUND A HOUSE I LIKE?
- Q: WHEN DO THE CHANGES TO THE FIRST HOME OWNERS GRANT KICK IN?
- Q: WHEN WILL THE FIRST HOME OWNERS GRANT END?
- Q: WHO APPLIES FOR THE FIRST HOME OWNERS GRANT?
- Q:I'VE PAID 10% DEPOSIT INTO THE AGENT'S TRUST ACCOUNT BUT THE AGENT IS STILL SHOWING THE HOUSE
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Resources
- Home Price Guide - Home Price Guide offers some basic information free of charge, and for under $100, you can generally purchase an in depth study on the performance of your postcode, auction results, or the street you are interested in
- Department of Housing - The Rent and Sales Report provides statistics for your postcode, free of charge
- Office of State Revenue
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