Buyer Resolved a Transfer Duty Shortfall Before Settlement
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The story- Transaction
- Purchase
- Jurisdiction
- NSW
- Focus
- Transfer duty and settlement funds
Situation
The client’s situation
A purchaser focused on the deposit and loan contribution but had not allowed enough cash for transfer duty and settlement adjustments. The finance approval did not cover the shortfall.
How Aquarius Lawyers helped
How Aquarius Lawyers helped
We prepared an early funds estimate, explained that duty is calculated by reference to the applicable dutiable value and concessions, and checked eligibility assumptions before settlement. We also warned that NSW property settlement cannot proceed until duty is paid in full.
Documented outcome
The documented outcome
The client reorganised funds before the settlement deadline rather than discovering the shortfall in the electronic workspace on the day.
What this story shows
Duty should be estimated at the start, then confirmed when the transaction details and eligibility are known. In NSW, it is generally due by the earlier of settlement or three months after the relevant transaction date, subject to specific concessions and deferrals.
This is an approved, anonymised success story about a matter handled by Aquarius Lawyers. It is general information, not legal advice. The facts, contract and law applying to another transaction may produce a different outcome.