Property transfer from one entity to another demands a mandatory procedure, stamp duty valuations. This is required by the Office of State Revenue. Assets that are sold must be valued (by the market), and the sale price after the valuation is the amount on which stamp duty is payable. The stamp duty will be higher if the assets are expensive. Stamp duty rates also varies because it is set by the territory governments and individual state. Our company is experienced and an expertise in all matters related to undertake valuations for stamp-duty purposes. Customers need to understand that diverse norms and rules are applied when undertaking stamp duty valuations.
Dealing in real estate is a thriving business opportunity for some and for others taking part in the business is a necessity to buy or sell their property. Real estate is among the most regulated sectors in an economy because of numerous government legislations and laws concerning it. Most of these laws deal with taxation involved in buying and selling the property. Others, a significant few, are meant so that prospective consumers are not cheated off of their money by scheming businesses.
A key factor involved in buying and selling real estate, which is seldom properly understood by the average person is that of stamp duty and property valuation. A person cannot sell his/her property for any price they find suitable. The market doesn’t work that way and the government won’t let it happen that way. A crucial step in planning to deal in real estate is to valuate the price for a property.
Real estate appraisal or real estate property valuation is a process by which an appropriate value is determined for a piece of real estate to be dealt with. Such a valuation is required whenever a deal is ongoing with a property. This valuation has to be done because of the sporadic nature of real estate transactions and the volatility in price owing to various factors ranging from location, properties in the vicinity etc., to other factors such as inflation, government policies, and the likes. A property valuation may also be performed so as to estimate wealth and capital possessions of an individual or business.
Stamp duty valuations are performed by qualified and experienced professionals to make sure that no rules or legal statutes are broken. Correct valuation in this regard is important to make sure that the government receives its fair share of the taxes from the transaction. Violations in this front are severely punishable by jail time and/or monetary fines. In Australia, this falls under the jurisdiction of The Australia Taxation-Office (A.T.O) and The Office of State-Revenue.
The stamp duty payable to the government is generally valuated based on the contract price quoted in the transaction agreement. However, when the sale isn’t performed in the open market, the government needs to ensure that the valuation of the property was done as per market standards. A stamp duty valuation report is hence required for the sale to take place. This report has to be prepared by a licensed practitioner adhering to the imposed conditions.
MetroVal Valuations is a based out of Sydney, offering services in real estate deals and property management in the greater Sydney area. Services offered include, but are not limited to, real estate property valuations, property audits, and stamp duty valuations. A team of experienced and certified valuers, auditors, and property lawyers ensure that the whole process of buying and selling real estate is made simple and streamlined for the novice customer.