Glossary of terms

Where more than one party owns a property, it can be held between the parties as joint tenants or as tenants in common. Joint tenancy means that if one joint tenant dies, the interest of the deceased passes automatically to the other joint owners. The Will of the deceased joint tenant cannot devise the interest of a joint owner.

The Land Titles Office is the office of the Recorder of Titles. The Recorder of Titles is the statutory officer responsible for providing the community with certainty of title to land. This is achieved by developing and administering legislation governing land dealings in Tasmania. Transfers of title are lodged at the Land Titles Office for registration. Following registration, the Recorder of Titles issues a certificate for the property transferred in the name of the new owner, noting on it any mortgage.

The security is taken by a lender registered over the title to the property as a security for the loan. The property cannot be sold without discharging the mortgage. This usually requires the loan to be repaid.

The documents the lender requires a borrower to sign before the lender will advance loan monies to the borrower.

In order to obtain legal title to land, the transfer from the seller to the buyer must be forwarded to the Land Titles Office in Hobart for registration. The Recorder of Titles will record the change in ownership and issue a new certificate of title in the name of the buyer. If the buyer has granted a mortgage to a financial institution, this is also registered and will be noted on the certificate of title.

A series of requests to various government departments and councils to ascertain whether any money is owed or if there are any proposals for the land, such as road widening or acquisitions for public use.

The completion of the selling and buying process. When the buyer pays the balance of the purchase price to the seller, the seller provides the certificate of title and signed transfer to the buyer. The settlement process takes place at the seller’s bank or if the seller does not have a mortgage on the property, at the office of the seller’s conveyancer. Neither the seller nor the buyer are required to attend settlement but are represented by their conveyancers.

Does Tasmania offer stamp duty concessions for first home buyers?

There are no stamp duty exemptions for first home buyers in Tasmania.

However, first home buyers in Tasmania get a 50% discount on property transfer duty.

To be eligible for first home buyers' 50% discount on property transfer duty in Tasmania:

• • must purchase an established home in Tasmania that does not exceed;
    • ​$400 000 or less between 7 February 2018 and15 March 2021 (inclusive); or
    • $500 000 or less between 16 March 2021 and 31 December 2021 (inclusive); or
      
    • $600 000 or less between 1 January 2022 and 30 June 2023 (inclusive);​ and
      
  • must be a natural person (not a company or a trust); and
    
  • must be at least 18 years of age*; and
    
  • must be an Australian citizen or permanent resident - or if there is more than one applicant, at least one of them must meet these criteria; and
    
  • must not have previously owned a home (or have a spouse/partner who owned a home) in Australia; and
  • must not have received a First Home Owner Grant in any state or territory of Australia or the Duty Concession before (or have a spouse/partner who has); and
  • must fully complete the application form and lodge with all relevant supporting documentation; and
  • must ensure each person holding a relevant interest in the property is listed on the application form

To apply for a first home buyer concession in Tasmania, please fill in this form.

Do pensioners pay stamp duty in Tasmania?

Yes, pensioners have to pay stamp duty in Tasmania.

Fortunately, there is a 50% discount for eligible pensioners who want to sell their property and downsize by buying another property in Tasmania.

To be eligible for this duty concession, at least one of the purchasers/transferees:

• must be aged 60 years or over and: ​
  

• • • hold a Pensioner Concession Card; or
      
    • receive a DVA special rate pension; or
      
    • hold a Commonwealth Seniors Health Card; and
      
• must have occupied the former home as their principal place of residence for at least six months immediately before the eligible transaction*; and
• intends to live in the new home for at least six months, commencing within twelve months of the
  eligible transaction*; and
• must ensure the ownership of the home is in the same name/s the former home*; and
• the eligible pensioner (or spouse) must not own a home anywhere within Australia at the time of the eligible transaction (other than the former home); and​
• the eligible pensioner (or spouse) must not have previously received this duty concession.

* The Commissioner has the discretion to vary this requirement in some circumstances.​

A system or type of land title ownership. A strata scheme is a particular type of development that divides a parcel of land into “lots” and “common property” and which specifies a system of management, commonly known as a “body corporate”. This is a common type of title for residential units.

Where more than one party owns a property, it can be held between the parties as joint tenants or as tenants in common. Tenants in common means that the parties have separate shares or interests in the property. The shares or interests need not be equal. Each owner’s share can be devised by the will on their death. It does not automatically pass to the other owners.

Refers to the document signed by the seller to transfer legal land ownership to the buyer. The transfer is in a form prescribed by the Recorder of Titles. The transfer is lodged at the Land Titles Office for registration following completion of the sale. Following registration of the transfer, a certificate of title will be issued in the buyers' name.

When all of the conditions in the contract have been satisfied, the contract is unconditional. These conditions usually relate to the buyer obtaining a satisfactory building inspection of the property, obtaining loan approval or selling their property. Once all conditions are satisfied, the contract is unconditional, and each of the parties is bound to complete it.