What is a strata title search fee?

This is a fee the buyer of a new unit or apartment has to pay to a conveyancer when buying a property which is the subject of a strata title, such as an apartment or townhouse. It will tell the conveyancer all the rules and regulations that may apply to the unit or townhouse under the Strata Titles Act 1998. Such rules may include information about the keeping of pets, maintenance of communal areas and other agreed strata rules which may apply to the property.

What is land tax and do I have to pay it?

Land tax is a state government tax which applies in all states and territories of Australia except the Northern Territory. You usually don’t have to pay land tax on the home that you live in. The amount of land tax you’ll have to pay depends on the combined unimproved value of all your taxable property – assuming you own more than one property – so it’s most applicable to property investors .

When should I insure my new home?

Although regulations do vary between different states in Australia, you should take out building insurance for your new home as soon as you’ve exchanged contracts. Your sales contract will specify the exact date you should organise your insurance.

Is it worth getting a building inspection?

Buying a property without having a building inspection done is a very risky proposition, so many lenders will insist on a building inspection being conducted before they’ll approve a home loan. You can think of it as buying yourself long-term peace of mind.

If my new home has a steel frame, is it even worth getting a termite inspection?

Termites can chew through any wood in your home, even if they can’t attack the steel frame of your house. They can still cause terrible damage to floorboards, window and door frames, kitchen cabinetry and other wooden fittings, so it’s always worth spending that little extra to get a termite inspection carried out before you purchase your new home.

Will I have to pay council rates if the previous owner has already paid them?

That will depend on when they last paid their council rates. When settlement occurs, your conveyancer will calculate what percentage of the council rates are due to be paid by both buyer and seller, depending on how many days of the year each has owned the property. This calculation will be shown on your settlement statement and will let you know if additional council rates are due to be paid.