Purchasing House from Relatives (inlaws)

Hi There.

We are likely to be purchasing the house from our relatives (my in-laws) who want to downsize and we need to upsize. The property itself is based in Qld (SEQ). Is there a way to "transfer" the property whilst still purchasing it from them without having to pay "Stamp Duty" (at the present sale price we would be looking at the vicinity of $30K Stamp Duty). I understand there is a "Transfer Property" process in Qld but not too sure if this relates to us given the fact that they (my in-laws) wont be giving us the house. We will in fact be purchasing it from them.

cheers
Jeff
 
Is there a way to "transfer" the property whilst still purchasing it from them without having to pay "Stamp Duty"

NO - you will have to pay stamp duty at the purchase price or the market value - whichever is the higher. And have to do it within 30 days of contract signing.

You know the old saying - nothing certain in this life but death and taxes. If you have to pay the latter be pleased that you have not yet reached the former :p
 
Ahhhh ... thanks for the news. I didn't think there was any real legal way of getting around it. So i will just have to cough up the dollars to pay this thing known as stamp duty. Weren't the States meant to do away with SD after the introduction of the GST?? Whatever happened to that?
 
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