Land Titles Office Fees

I've just received loan documents for a new purchase and the financier (CUA) have a fee of $1,531 that is declared to be collected on behalf of the Land Titles Office.

I can only assume that's to register themselves on the title as an interested party but that fee is $169. Is there another charge that I'm missing or are they just gouging?

I'm going into the bank on Wednesday and I just want to be prepared...

 

I'm guessing you're talking about qld?

169 to register your cua mortgage

169 to release vendors mortgage

i got charged 361 for transfer of land ownership. i'd say this fee changes with price?

 

Yeah, this is in QLD. The purchase price of the house & land is just under $500k but I don't know if it changes. In my experience, refinancing on my current home with a value of $700k was the same charge that you quoted above.

Also, the $169 to remove the vendor would be charged on their loan when they pay it out.

 

Why guess? Just google.
Sounds like a $600,000 purchase in QLD?

 

It's a $500k purchase in QLD.
Is that standard? I genuinely couldn't find anything about there being that fee on the mortgage on google or the gov website.

If that fee is correct, is it only charged at the initial setup of the first mortgage and never charged again on refinancing?

 

I just googled "land titles fees qld" and the top result is
Titles fee calculator
Titles fee calculator | Queensland Government

Click on 'transfer' and use the calculator.

Transfer duty is duty charged on the transfer and applies only initially. Nothing to do with the mortgage.

 

Thanks! In my ignorance, I thought that the transfer happened when you pay stamp duty. I guess I made the mistake of thinking that you get something for paying stamp duty. That'll teach me to expect an equal return for taxes.

That's really helpful. Thanks Terry.

 

Actually that should not be called transfer duty, but just a transfer fee as her is also stamp duty imposed by the office of state revenue.

 

I think QLD just splits their stamp duty into two separate names/baskets. I've had this question asked to me post settlement a few times.

Surprised that its listed on the loan docs, i don't recall it being listed in most loan contracts that i see.

 

Charges will usually be:

1. Transfer duty - this is payable to the Office of State Revenue and is generally (there are exceptions) payable on the earlier of settlement and 30 days after the contract goes unconditional. The amount of duty depends on the use (first home, owner occupied or investment) and purchase price.

2. Release of mortgage fee (Form 3 - currently $169) - Paid to the Titles Office by the buyer to release the outgoing mortgagees mortgage. The fee is usually a less adjustment in the settlement statement so the seller pays for it in effect.

3. Transfer (Form 1) - Paid to the Titles Office by the buyer and dependent on the purchase price. This is the form that transfer the property into your name.

4. Mortgage (Form 2 - currently $169) - Paid to the Titles Office to register the incoming mortgagees mortgage.