The model for conveyancing process has changed
As of 18 September 2017, the system for collecting conveyancing duty on property transactions was changed to the new Barrier Free Model.
The new model applies to all conveyance transactions executed on or after 18 September 2017 that are required to be registered on the Land Titles Register.
What are the benefits?
The Barrier Free model has many benefits including:
- Duty is no longer paid before settlement
- Transactions can be processed faster
- You can claim concessions and exemptions without a detailed application form
Which transactions will Barrier Free apply to?
From 18 September 2017, all conveyance transactions executed on or after this date and that are required to be registered on the land titles register will benefit from the Barrier Free model.
How are off the plan purchases affected?
Under the Barrier Free model there will be no distinction between off the plan purchases and other contracts.
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