60 Second Series – Stamp Duty

James Bovell explains what stamp duty is and why it’s included when you purchase a property. Stamp duty is the only government associated charge related to property. At the moment the stamp duty charge stands at 7% of the real estate value and this is paid at closing or within 45 days of the paperwork being signed. The individual purchasing the property is obligated to pay the stamp duty and allows for the property to change hands and go into the purchaser’s name.