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byuing & selling in Oz - not as easy as it seems...

byuing & selling in Oz - not as easy as it seems...

Old Apr 22nd 2008, 3:42 am
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Default byuing & selling in Oz - not as easy as it seems...

Or are we just unlucky?

so far we've lost money as we have to leave our curtains (most of which were brand new) as no-one bothered to tell us these were classes as fixtures (had we known I'd have made up some crappy ones or made it clear they were not included)

then we got a letter saying settlement was a month earlier than we were aware of..... apparently a mistake but they'd told the bank this was the date

we are keeping our existing mortgage so i've been trying to do what they call a security swap which has been a headache in itself.

now we have an invoice for the stamp duty for our purchase - no-one told us we had to pay this BEFORE we moved, we assumed it was after - so now I have to try and organise with the bank to release some money to pay it.

The only thing that has been easier is knowing that once our buyers had their finance that was it, we were sold and there was no going back. Otherwise it's been just a stressful as the UK (in fact I'd even say more so as the agents seem to expect you know everything when it's all very different)
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Old Apr 22nd 2008, 4:10 am
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Default Re: byuing & selling in Oz - not as easy as it seems...

I was sure stamp duty, was paid from proceeds of funds at settlement, if simultaneous settlement was arranged. Which is usually the case.

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Old Apr 22nd 2008, 4:20 am
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Default Re: byuing & selling in Oz - not as easy as it seems...

Not here, I just rang the treasury in case they are still thinking settlement is next week but apparently you have to do it before hand to give paperwork time to be sorted.
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Old Apr 22nd 2008, 4:31 am
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Default Re: byuing & selling in Oz - not as easy as it seems...

Originally Posted by bridie
Or are we just unlucky?
I think you're unlucky and have a not-so-good settlement agent.

We told our settlement agent we were new to Oz and didn't know the process. She gave us a list of all the items we would need to pay for and when we'd have to pay them. (And yes, stamp duty had to be paid well in advance of the rest.)

No dramas at all.

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Old Apr 22nd 2008, 4:36 am
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Default Re: byuing & selling in Oz - not as easy as it seems...

Originally Posted by GinaUK
I think you're unlucky and have a not-so-good settlement agent.
Think I just heard the sound of a nail being hit on the head....
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Old Apr 22nd 2008, 4:53 am
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Default Re: byuing & selling in Oz - not as easy as it seems...

Originally Posted by bridie
Or are we just unlucky?

so far we've lost money as we have to leave our curtains (most of which were brand new) as no-one bothered to tell us these were classes as fixtures (had we known I'd have made up some crappy ones or made it clear they were not included)

then we got a letter saying settlement was a month earlier than we were aware of..... apparently a mistake but they'd told the bank this was the date

we are keeping our existing mortgage so i've been trying to do what they call a security swap which has been a headache in itself.

now we have an invoice for the stamp duty for our purchase - no-one told us we had to pay this BEFORE we moved, we assumed it was after - so now I have to try and organise with the bank to release some money to pay it.

The only thing that has been easier is knowing that once our buyers had their finance that was it, we were sold and there was no going back. Otherwise it's been just a stressful as the UK (in fact I'd even say more so as the agents seem to expect you know everything when it's all very different)
I think you are just unlucky. The whole process of buying and selling property in Australia, especially Queensland, is far easier and more straightforward than the UK.
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Old Apr 22nd 2008, 6:09 am
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Default Re: byuing & selling in Oz - not as easy as it seems...

Usual story of if you don't know something you either have to know to ask what you don't know or get clobbered for not knowing I know it's stressful at the moment but putting your experience against most people in the UK who have been trying to sell for months and months and months, I think I know whose problems I'd rather have Never mind hon, you'll soon be moved and it will be another memory to add to the others and time to move on to new stuff - like planning another baby
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Old Apr 22nd 2008, 6:10 am
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Default Re: byuing & selling in Oz - not as easy as it seems...

It's much easier here - you did get unlucky, but things always seem harder when we don't know what what we don't know. (Hope you get my gist). Think how easy it will seem next time
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Old Apr 22nd 2008, 6:32 am
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Default Re: byuing & selling in Oz - not as easy as it seems...

Originally Posted by GinaUK
And yes, stamp duty had to be paid well in advance of the rest.
Stamp duty is paid as part of settlement in SA


Originally Posted by mrsridge
if you had read your contract you would have seen curtains included
curtains (or any other fixtures and fittings) were not mentioned in our contract

Originally Posted by bridie
then we got a letter saying settlement was a month earlier than we were aware of..... apparently a mistake but they'd told the bank this was the date
the settlement date should definitely have been in your contract?! Did you agree to change it and not get a copy of the amendment possibly?

Fingers crossed it all goes well for you now
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Old Apr 22nd 2008, 6:43 am
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Default Re: byuing & selling in Oz - not as easy as it seems...

Originally Posted by Tiggs+Graz
curtains (or any other fixtures and fittings) were not mentioned in our contract
not ours either......

apparently we can pay sduty at settlement and it will cost us an exta $81.

the settlement date was all agreed in the contrcat so no idea where this other date came from... thin air it appears

p.s. there wont be a next time... this is it, never EVER again!
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Old Apr 22nd 2008, 6:49 am
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Default Re: byuing & selling in Oz - not as easy as it seems...

Originally Posted by bridie
not ours either......

apparently we can pay sduty at settlement and it will cost us an exta $81.

the settlement date was all agreed in the contrcat so no idea where this other date came from... thin air it appears

p.s. there wont be a next time... this is it, never EVER again!
cant understand the date thing if you have a signed contract with a date then i guess you could make your buyers stand by that ... if you needed to and it was worth the arguement.

funny thing was when we sold in the uk i said we would not be buying again for a very long time ... here we are 5 months later in our nice new house
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Old Apr 22nd 2008, 6:54 am
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Default Re: byuing & selling in Oz - not as easy as it seems...

Originally Posted by bridie
not ours either......

apparently we can pay sduty at settlement and it will cost us an exta $81.

the settlement date was all agreed in the contrcat so no idea where this other date came from... thin air it appears

p.s. there wont be a next time... this is it, never EVER again!
Its a legally binding contract I thought, and would have to be re-drawn up with a revised date with all parties in agreement if it we're to settle on a different date.
If its not in your interests to settle earlier then I wouldnt agree to and would push back on them.
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Old Apr 22nd 2008, 6:56 am
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Default Re: byuing & selling in Oz - not as easy as it seems...

Originally Posted by steve99
Its a legally binding contract I thought, and would have to be re-drawn up with a revised date with all parties in agreement if it we're to settle on a different date.
If its not in your interests to settle earlier then I wouldnt agree to and would push back on them.
that's the strange thing, the date was agreed end of May right from the start..... no idea where this other date came from

would love to settle earlier..... fed up of waiting!
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Old Apr 22nd 2008, 7:19 am
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Default Re: byuing & selling in Oz - not as easy as it seems...

We've found buying and selling here much easier than the UK where we were constantly put off buying by tales of relatives eight month chains etc. Legal process here has been much easier.

However its madly expensive process, sales comission and stamp duty on a average house leaves little change out of $35,000 and thats in qld, In victoria (and WA i think) stamp duty was double what it is in qld

Worst part of the process is without doubt australian RE agents, I have never heard such utter bu!!shite and complete lies in my life
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Old Apr 22nd 2008, 7:29 am
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Default Re: byuing & selling in Oz - not as easy as it seems...

Bridie,

Your contract which you MUST have a copy of, should have an indicated settlement date, clearly marked on it. Its got me thinking now...

Im sure on ours we dated when the building pest and finances were to be done by.. not sure on settlement date.

In any case, settlement date is not a contracturally binding option, until all parties agree, and give the nod to their respective legals..

Im pretty sure thats the case.

Your legal cannot answer for you, and so must approach you to say, 1. the house is now unconditional, 2. we have such n such date for settlement etc etc I think...

Im not 100% sure, as it is a minefield, and having done it a few times, and been stuffed around a little, i may be at cross purposes with mesen !! lol

Nuffin Unusual !
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