All Topics / Help Needed! / Government Registration fee $380?? Is that correct?

Viewing 3 posts - 1 through 3 (of 3 total)
  • Profile photo of www_ericwww_eric
    Participant
    @www_eric
    Join Date: 2009
    Post Count: 25
    April 28, 2010 - 12:56 am

    Hi everyone,

    I purchased an apartment for $590,000 about 1 month ago.

    I recently found out that there is $380.00 fee deducted from my bank account.

    I ask the bank and the answer is:

    Registration of mortgage is $95.00

    Transfer of land as you purchased the property from someone else $190.00

    A discharge of mortgage to release the other bank also $95.00 which your solicitor or conveyance has advised you at the time of purchase

    Total is $380.00

    Is that true?

    Kind Regards,

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    April 28, 2010 - 2:14 am

    Probably. These would vary from state to state, but sounds about right. Not sure on the discharge of mortgage as this would belong to the other party.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of MarJacMarJac
    Member
    @marjac
    Join Date: 2010
    Post Count: 71
    April 28, 2010 - 2:22 am

    From the amount of the fees I can assume the property is in NSW, they are standard Land Titles Office fees to register the Discharge, Transfer & Mortgage

    These fees should have been specified in your Mortgage Loan Contract along with any other bank/valuation fees etc.

    The $95 Discharge fee is the responsibility of the vendor and your conveyancer/solicitors should've allowed for this in the settlement adjustments

Viewing 3 posts - 1 through 3 (of 3 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.