Stamp duty is a tax imposed on the purchase real estate. This requirement can be waived if the purchase of transfer was made at the end of a marriage or defacto relationship - for example when the family home is transferred over to one member of the couple.
When seeking financing to finalise a property purchase, it is important to secure loan approval before the Contracts become locked in. Once the commitment is locked in, cancellation or withdrawal from the Contract is not possible, even if it is subsequently discovered that securing the necessary financing is unattainable. In this kind of scenario, a person would forfeit the entire 10% deposit, lose the opportunity to acquire the property, and potentially face legal action from the Vendor for losses and damages incurred at resale.
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