Closing Costs
The costs associated with the transfer of title (legal fees and stamp duty) are normally split between the seller and purchaser. This can also be a point for negotiation. Discuss this with your agent.
Stamp Duties are charged on a sliding scale as follows:
| Tier | Rate | Full Amount |
| First $100,000 | 2% | 2,000 |
| Next $400,000 | 3% | 12,000 |
| Next $500,000 | 4% | 20,000 |
| Next $500,000 | 6% | 30,000 |
| Over $1.5 million | 7% |
In effect, stamp duty amounts to $64,000 plus 7% of everything over $1.5 million.
