A Quick Guide To Stamp Duty - What You Need To Know
During your preliminary research into the real estate market, you may have come across the term ‘stamp duty’.
If you’re a first time buyer, it is important to understand the different financial terms so you remain in control of the property buying process.
Historically, stamp duty was a general tax which applied to a physical stamp. When printed onto a document, it denoted that the tax had been paid and the document became legally effective.
Stamp duty was usually applied to acquisitions like title transfer and real estate sales.
Nowadays the stamp may not necessarily be physical, but the fee on documents is still in effect. These charges vary from state to state, so during your research you may want to check out the stamp duty laws in your area.
However, depending on where you live, the total purchase price of the property, and whether you’re a first home buyer, you may be eligible for a stamp duty concession from your state government.
Getting in contact with the relevant Office of State Revenue in your area will help you with information about concessions.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.