Stamp Duty is a compulsory fee that must be paid whenever there is a transfer of property ownership between parties. When the sale of a property is transferred privately between related or known parties and is usually not listed on the open market – a Property Valuation must be completed to determine the correct amount of Stamp Duty requiring payment, based on the current market value of the property.
As the property is often sold for less than market value when the transaction occurs between relatives, for example, a Stamp Duty Valuation will ensure the true value of the property is accepted by the State Revenue Office (VIC) and Revenue SA.
Stamp Duty Valuations are necessary in situations where:
Stamp duty is an expensive tax, so it is crucial that you enlist the help of an experienced Property Valuer to ensure you are not left out of pocket. At Blanco Property Group, our team are experts in Stamp Duty Valuations, and will ensure that all reports are prepared to satisfy Government requirements.