Anonymised property matter
Transfer duty shortfall at settlement
- 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
The legal response
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.
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