Navigating Real Estate Transactions: Essential FAQs for Property Buyers and Sellers
Whether you’re buying your first home, selling an investment property, or renting out commercial space, understanding the financial and legal obligations in real estate is crucial. This guide addresses common questions about conveyancing, taxes, and insurance, providing clarity for property transactions in Queensland.
Key FAQs for Property Transactions
Do commercial tenants pay council rates?
Generally, commercial tenants may be responsible for paying council rates as part of their lease agreements, depending on the terms set by the landlord.
Do I have to pay capital gains tax when I sell my house?
If the property sold was your primary residence, you might be exempt from capital gains tax (CGT). However, selling an investment property typically incurs CGT.
Do I need a conveyancer before an auction?
Yes, it’s advisable to consult a conveyancer before bidding at an auction to ensure the property’s legalities are in order and to understand any potential issues.
Do I need a pool safety certificate in QLD?
Yes, in Queensland, selling a property with a pool requires you to provide a valid pool safety certificate to the buyer.
Do I need home insurance if I own an apartment?
While the building itself is usually covered by the body corporate’s insurance, you should have contents insurance for your belongings and consider policies that cover public liability within your apartment.
Do I pay capital gains tax on my house?
If the house was your primary residence throughout the period you owned it, you typically do not pay CGT. Investment properties are subject to CGT.
Do landlords need public liability insurance?
Yes, landlords should have public liability insurance to cover potential claims of injury or accidents that occur on their property.
Do pensioners pay capital gains tax on property?
Pensioners are not exempt from CGT, but they may qualify for partial concessions if the property was their primary residence or if they have owned the property for a significant period.
Do real estate agents have to disclose problems with a property?
Yes, real estate agents are required to disclose known issues with a property that could affect its value or livability.
Do you have to pay stamp duty as a first home buyer?
In Queensland, first home buyers may be eligible for a stamp duty concession or exemption depending on the purchase price.
Do you need home insurance for an apartment?
It’s wise to have contents insurance for your belongings, even though the building’s insurance is generally covered by the body corporate.
Do you need title insurance?
Title insurance is not mandatory but is recommended as it protects against potential title defects and legal issues.
Do you pay stamp duty on building a house?
Stamp duty is paid on the land value if you are building a new house; the construction costs are not subject to stamp duty.
Understanding these elements can significantly impact the success of your real estate transactions and help you avoid unexpected liabilities or expenses. For personalized advice, consult with a professional conveyancer or legal advisor.
This is general adviec only, for specific legal advice speak with your legal representative.
