Extras when buying and selling property

It is helpful to be aware that each time property changes hands hidden expenses maybe lurking around the corner, and that can make a short fall in finance/available cash, since it is at the end of the deal. Consider things like:-

1. Capital gains tax
2. Building Condition report
3. Pest inspection reports
4. Conveyancing/Solicitor's fees
5. Agent's commission
6. Stamp Duty
7. Centrelink reviews of any change in income status/allowances
8. Insurance
9. Rates/Water adjustments

Then, when the contract is settled, there can be extra bits and bobs that crop up just when the finance is stretched to the limit, for example, attending to things mentioned in the Building and Pest reports like leak in  the roof, toilet cistern has a drip, drainage from the overflow, etc. Then feeling overwhelmed the reaction can be "where has my profit gone?".

Land tax can also be something that comes about and eats into the profit of your sale; the rules are different though similar, in each State of Australia. The following example gives the guidelines for Queenslanders:

Total taxable value of $680,000 
Tax band is $600,000–$999,999
Tax calculation = $500 + (1 cent × $80,000 excess)
= $500 + $800
Tax payable = $1,300

Of course these figures will vary from region to region; however, in all countries there will be charges or  fees and taxes similar to the above.