Hi,
Can anyone advise on this –If you buy IP’s in NSW, is the relevant authority ie SRO notified that I am the new owner in order to issue the land tax bill at the appropriate time and does this notification happen in the course of events at settlement, OR am I meant to notify someone (the right dept) myself?
My conveyancing guy didn’t really seem to be that bright and said something about “filing a return” or something as if I should know in Vic what the heck he was talking about.Thanks in advance,
skippygirl [confused2]
Hi Skip,
My understanding is that at settlement the title to the property is transferred to your name. Your conveyancer actually writes up the title transfer doc doesn’t he? So he should know ALL about it. (what are you paying him for hee hee)
With some banks it doesnt happen straight away, as they need to go to the Land Titles Office and get it changed (I think). But it does happen in the course of settlement, you should not have to do anything.
Although with some banks (who shall remain anon) I would reccomend you do your own title search a month or two after settlement to ensure that they have done their job and got your name on the title! I have seen disasters where the bank didn’t have it’s butt in gear and some titles slipped through the cracks… VERY BAD PRACTICE.
I’m not a conveyancer though, and have only attended a few settlements so my knowledge is a little restricted. Hope it helps though.
Liz Wilson
Mortgage Lender
You will need to lodge an initial return with the Office of State Revenue in NSW. Forms available on http://www.osr.nsw.gov.au
OSR will do the calculations
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