When is QLD stamp duty due?

Discussion in 'Legal Issues' started by jerrybee, 3rd Jun, 2015.

  1. jerrybee

    jerrybee Member

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    My cousin bought a house a while ago that doesn't settle for a few more weeks. His lawyer is saying the stamp is due within one month of it going unconditional (which is now) otherwise it'll begin accruing interest.

    I'm pretty sure I've taken longer than that before and only paid on settlement. Why would you be liable for a tax on a property you don't even own yet? What if something goes wrong at settlement?

    Also do lawyers / conveyancers generally ask you to pay directly? I've always paid all the money into their trust and they handle everything for me. This has been the experience I've had with the 3 lawyers I've used before.
     
    Last edited: 3rd Jun, 2015
  2. Terry_w

    Terry_w Member

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    I think the lawyer is correct. 30 days from date of contract. Liability arises on executing the contract. It the matter doesn't complete you may be able to apply for a refund.

    Not all lawyers have trusts accounts and there are issues with handling client money, including cheques, so it is easier for the lawyer if the client pays themselves.
     
  3. jerrybee

    jerrybee Member

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    Ok cool thanks