OTP Land Registration Fee

Hi Team,

Hoping someone could help shed some light on the following:

When purchasing OTP, is the land registration calculated at the same price as the stamp duty? OR is the land registration calculated at the contract price?

Contract Price = 790k
Stamp Duty Calculated on 553k = $28,250 + $1,389 land transfer reg + $115 mortgage reg = $29,754
Quoted Price = $30,401.95 of which includes $28,250 in stamps.

The only way I can the quoted figures close (still not exact) is calculating land registration on a 790k purchase.

Thanks in advance!

 

Depends - is there a contract for sale of land separate to the building contract? If there's two separate contracts, then you pay SD on the land as the building and land cannot otherwise be transferred to the purchaser until settlement (eg unit is developed, strata registered then settlement occurs).

 

Heya Scott,
No it is an OTP apartment purchase. Contract Price of 790k with stamp duty being calculated at 553k based upon time of contract signing.