Perth Property Insights

Avoiding Double Stamp Duty
Avoid double stamp duty: Mosaic Settlements

When conveyancing properties, Mosaic Settlements has an eye for detail. Our careful approach ensures that our clients are best looked after. A recent example of this eye for detail involved saving a client from paying double stamp duty on a contract.

We take the utmost care to ensure that issues do not occur when adding or removing a party from a contract after it has been signed.

The issue we picked up with a recent property deal was that a married man was noted as the sole buyer on an offer and acceptance document. Not long after the the man’s offer was accepted, the man approached his real estate agent about buying the property as a joint tenant with his wife.

Mosaic Settlements chatted with the man’s real estate agent who was concerned that his client would be charged double stamp duty.

How to avoid double stamp duty

Mosaic Settlements carry out conveyancing Perth locals can rely on for having their best interests taken care of. Our experience shows that adding a buyer to an existing transaction carries great risk. In the instance mentioned above about the husband and wife, if the man instead wanted to instead purchase a dwelling with a friend, additional stamp duty would be payable, given that he is not related to his friend.

In other words, if you wish to complete the purchase of a property with a friend or unrelated party, you must make sure both names are on the contract to avoid paying double stamp duty.

How we fixed the issue

Adding the wife to the contract was simple given that she is a Related Person as defined by the Duties Act. Moasic Settlements simply contacted the Office of State Revenue and lodged a Substituted Purchasers form. We received plaudits from the client for the outcome as double stamp duty did not apply and we were able to achieve the settlement deadline.

Advice for real estate agents

In order to avoid the double stamp duty trap, real estate agents must be sure to ask buyers for the names they want to appear on the title, at the point of filling out offer and acceptance documentation.

Avoid double stamp duty, enlist the services of a first-class settlement agent

Mosaic Settlements perform conveyancing Perth real estate agents and locals can turn to for professionalism and sensational outcomes. Contact our expert team today. We are ready to assist you.

 

Featured Posts

Tips for Moving House

Tips for Moving House

Is your moving day just around the corner? As settlement agents, we know that moving house is one of the most stressful events you can put your family through. Having said that, there's a lot you can do to make the process easier. Below are some tips for moving house...

Divorce and Property Settlement

Divorce and Property Settlement

If you're in the early stages of separation, you probably have some questions about divorce and property settlement. First of all, divorce and property settlement are two separate legal processes. With this in mind, we hope this blog post can help provide you with...

Buying a Home in Perth

Buying a Home in Perth

There's no place like home, especially if you're talking about our patch of paradise here in Western Australia. Buying a home in Perth will be one of the most important decisions you'll make in your life, so it makes sense to be informed and educated. Below is some...

How To Save Money For a House

How To Save Money For a House

Did you know that March saw Australian home values record their fastest monthly growth in over 3 decades? A nationwide increase of 2.8% resulted in the Reserve Bank of Australia deciding on Tuesday April 6, that our official interest rate should remain at 0.10%. In...

Perth Property Market in 2021

Perth Property Market in 2021

Did you know that economists are predicting Perth housing prices to jump by 12% in 2021? This prediction will see the Perth property market outperform all Australian capital cities this year, with a predicted $48,000 to be added to Perth median house prices. This...

Recent Posts

Joint Tenants vs Tenants in Common in WA: What’s the Difference?

Joint Tenants vs Tenants in Common in WA: What’s the Difference?

Buying a property with someone else is an exciting milestone, whether you’re purchasing with a spouse or partner, investing with a family member, or buying alongside a friend. But there’s an important decision that can easily get lost among finance approvals, building...

17 Reasons Property Settlement Gets Delayed (And How to Avoid Them)

17 Reasons Property Settlement Gets Delayed (And How to Avoid Them)

Settlement day is one of the most anticipated moments in any property journey. For buyers, it is the day the keys are finally within reach. For sellers, it is often the moment everything comes together after weeks of inspections, paperwork, open homes and planning the...

What Happens After Settlement? Your First 30 Days as a Property Owner

What Happens After Settlement? Your First 30 Days as a Property Owner

Settlement day is an exciting milestone. The funds have been transferred, ownership has changed hands, and the keys are finally yours. After weeks or even months of searching, negotiating, organising finance, and preparing for settlement, it can feel like the journey...

Why You Should Speak to a Settlement Agent Before Signing a Contract

Why You Should Speak to a Settlement Agent Before Signing a Contract

For many buyers, the excitement of finding the right property can move quickly. An offer is prepared, negotiations begin, and before long, contracts are being signed. However, one of the most common mistakes buyers make is waiting until after the contract is signed to...

What Actually Happens on Settlement Day?

What Actually Happens on Settlement Day?

Settlement day is one of the most important moments in your property journey. It is the day ownership officially changes hands, funds are transferred, and everything becomes real. But for many buyers and sellers, it is also one of the most misunderstood parts of the...

Hidden Costs of Buying Property in WA

Hidden Costs of Buying Property in WA

Buying a home is one of the most exciting milestones in life. From finding the right neighbourhood to imagining how you will make the space your own, it is easy to focus on the purchase price alone. However, many buyers are surprised to learn that the purchase price...

Happy New Year 2026 from Mosaic Settlements

Happy New Year 2026 from Mosaic Settlements

Welcome to 2026. A new year brings fresh energy, new goals, and exciting opportunities, and the team at Mosaic Settlements is ready for what lies ahead. Whether this is the year you buy your first home, sell a long-held property, or plan your next move, we are here to...

Social Media