Are you an Investor looking for a savvy Perth Settlement Agent?
When buying or selling an investment property there are costs you need to be aware of, as part of your investment budget.
Being prepared for these costs before buying or selling will save time and money. This is particularly relevant when determining if a purchase is feasible.
As part of the process of buying an investment property, you may need to engage with a conveyancer. But what is a conveyancer, and what does a conveyancer do?
A conveyancer is a licensed professional who specialises in all aspects of buying and selling real estate. Conveyancers play a vital role in ensuring that property transactions are conducted smoothly and correctly.
Our Process: Conveyancing for Investors Made Simple
1
Plan with Confidence
We start by understanding your investment goals and budget, including guidance on all relevant purchase costs, from stamp duty and strata fees. We’ll explain every step clearly so you can make informed decisions from the start.
2
We Handle the Details
Our licensed team handles all the documentation, liaises with agents, brokers and banks, and ensures everything complies with WA and federal regulations.
3
Settle Without Surprises
We proactively manage your transaction from start to finish to ensure an efficient, on-time settlement. You stay informed, we stay on top of the details, and your investment settles smoothly, just as it should.
Investment Property Purchase Costs
Costs to be aware of and incorporate in your budget include;
- Termite & Building Inspection reports – Before purchasing an investment property, it’s essential to do a termite and building inspection report to identify any structural or pest-related issues that may need addressing.
- Building insurance – Property investors should have building insurance in place to safeguard against damage to the property’s structure.
- Lenders Mortgage Insurance – If your deposit is less than 20% of the property’s value, you may be required to pay lenders mortgage insurance to protect the lender in case of default.
- Stamp duty – Stamp duty is a state-based tax imposed on property transactions. The amount varies depending on the property’s value and location.
- Loan application fees – These fees cover the administrative costs associated with processing your mortgage application.
- Registration Fee on Transfer & Mortgage – These are government fees for registering the change of ownership and any mortgage on the property title.
- Settlement Fees – These fees are associated with the settlement process and may include conveyancing fees and other transaction-related expenses.
- Strata Insurance/Strata Levies – If you’re an investor buying a property within a strata scheme (such as a unit or apartment), you may be required to pay strata levies to cover common expenses. Additionally, strata insurance is necessary to protect the common property.
If you have questions about any of these costs, contact us.
What are Settlement Fees?
Settlement fees are the costs involved for a Settlement Agent to complete the purchase or sale of a property to transfer ownership.
The Kidman Conveyancing Services team understand the intricacies of purchasing an investment property.
We understand how important a smooth settlement is for property investors, and we focus on being proactive, efficient and transparent in our approach.
Our proactive approach means our focus is to complete your settlement efficiently and transparently. Contact us for a set price quote.
Foreign Investors
Kidman Conveyancing Services are experienced with overseas clients and understand that a purchase or sale of this nature has specialised needs.
When dealing with foreign investors, there are specific considerations to keep in mind. Foreign investors may need to obtain approval from the Foreign Investment Review Board (FIRB) before they can proceed with the purchase of a property. This process can involve navigating complex regulations and ensuring that all necessary approvals are in place. There is also the logistics of arranging original paperwork and having it signed and witnessed correctly.
Did you know that the Commissioner of State Revenue has created a new Foreign Buyers Duty calculated at 7% of the purchase price? Staying informed about these tax obligations is crucial for foreign investors to avoid any unexpected financial implications.
If you are a Foreign Investor, contact us to discuss your specific settlement needs.
