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Property professionals guide: Contracts for sale of land

A practical guide to assist property professionals in NSW on key considerations when assessing duty for contracts, agreements and transfers.

The Contract for Sale of Land Guide offers detailed information on assessing transfer duty for contracts and transfers, along with a practical checklist to ensure all important factors are considered when making a Duties assessment.

While there may be differences in the way the terms, contract, agreement, or transaction are used, for the purposes of this guide, all these terms have the same meaning and involve a dutiable transaction over dutiable property.

For a comprehensive understanding, it is recommended that this guide is read in its entirety.

Chapters

1. Overview

Contracts for sale of land and transfers overview.
2. Off the plan contracts

Off the plan contracts and eligibility criteria for the deferral of duty.
3. Put and call options

Information on contract arrangements involving put and call options.
4. Aggregation

Examples and scenarios of when dutiable transactions are aggregated.
5. Transfers not in conformity

Information on transfers in conformity or not in conformity with an agreement for sale, including common scenarios.
6. Variation of contract

Guidance on variations of contract, including instructions and examples for when to use EDR or eDuties.
7. Novation, nomination and assignment

Understand the transfer duty implications when a novation, nomination or assignment of contract occurs.
8. Declaration of trust in a contract for sale of land

How duty is assessed when there is a declaration of trust in a contract for sale.
9. Dutiable value

How to determine dutiable value on a contract for sale of land.
10. Premium property duty

How premium property duty applies to certain residential land transactions, including how it is calculated.
11. Exemptions and concessions

Common transfer duty exemptions and concessions for contracts sale of land and transfers.
12. Surcharge purchaser duty

Understand when surcharge purchaser duty applies to a contract for sale of land.
13. Documentary evidence

Documentary evidence and record keeping requirements for contracts for sale of land.
14. Lodgement and processing

Instructions on processing contracts for sale of land and transfers on EDR and common lodgement errors.
15. Cancelled contracts and transfers

Guidance for property professionals on lodging cancelled contracts, agreements and transfers
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1. Overview