This week in the A – Z of Conveyancing, we’ll go through the commonly used terms in relation to conveyancing, looking at the letter G.
If you are First Home Buyer there are grants which may be available to you which include the First Home Buyers Assistance Scheme and the First Homeowner’s Grant (New Homes) Scheme. To qualify for the grants, you must meet certain eligibility criteria. Your solicitor/conveyancer will be able to advise you of the requirements and whether you will qualify.
A Guarantee may be used when obtaining finance. This is an assurance from an individual or entity that that they will assume responsibility of the debt should the borrower default on the loan. The individual or entity making the assurance is known as the Guarantor. The extent to which the Guarantor is responsible for the debt is dependent on the type of Guarantee provided.
Goods and Services Tax (GST)
GST is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. Sales and purchases of property may have GST applied to them if they are a sale of a new property or land to be used for the purposes of building a new property or on transactions for commercial property. Depending on the Contract of Sale, GST may be inclusive or exclusive of the sales price. Your solicitor/conveyancer will advise in relation to the GST payable on a Contract of Sale.
For more information on the A – Z of Conveyancing check out our other posts:
The Letter A: Adjustments, Amendments, Auctions
The Letter B: Breach, Broker, Building Contract, By-Laws
The Letter F: Final Inspection, Finance, Fittings & Fixtures
The Letter H: Holding Deposit, Home Loan
The Letter I: Inclusions, Inspection Reports, Insurance
The Letters J & K: Joint Tenants and Keys
The Letter M: Mortgage, Mortgagor, Mortgagee.
The Letter N: Negotiations, Notice of Rescission, Notice to Complete