Money is often tight when you’re buying or selling property. There are moving costs, agents commission and many other expenses that are important to be aware of and plan for. The last thing you need is to face a barrage of unforeseen costs at settlement.
The cost of conveyancing services is one expense it is important to have in your budget. But with a huge range of price points out there, it is worth asking: what exactly are you paying for, and how much should you expect to pay for conveyancing?
Why Am I Paying Conveyancing Fees?
Conveyancing is a long and complex process; it isn’t as simple as signing some paperwork, paying some money, and changing the registered proprietor’s name on the property title. That is why it is critical that you engage an experienced conveyancer to act for you and make sure your interests are protected.
You might be wondering what is included in the standard conveyancing fee, and what a conveyancer does to earn their fee. A conveyancer’s job is complicated and multifaceted, and typically includes all of the following;
Confirming critical milestone dates
Navigating critical milestone dates such as building and pest, finance and any other special conditions, including negotiating with the other side on your behalf if needed to achieve the best outcome
Preparing necessary legal documents
Verifying your identity (this is a government requirement)
Calculating figures, including adjustments for rates, water and electricity for settlement
Preparing stamp duty documents, advising you in relation to any applicable transfer duty concessions
Advising in relation to smoke alarm and pool safety certificate compliance
Performing and advising on searches in relation to the property involved (for buyers)
And most importantly, keeping you updated, informed and in control of the conveyancing process every step of the way!
In the scheme of things, a property purchase or sale is usually one of the biggest and most important transaction of people’s lives. It is worth paying a professional conveyancer who is an expert in property law and who can guide you through the legal processes involved, and help you avoid costly common mistakes and pitfalls along the way.
Who Pays The Conveyancing Costs?
Both the Buyer and the Seller will need to engage their own conveyancers, so that each party is represented in the property transaction.
Each party pays their own conveyancer’s fee, and this is usually done at settlement.
Conveyancing Fees QLD
Conveyancing fees in Queensland vary from low, fixed fee arrangements to well into the thousands of dollars for a single transaction.
A fair price in Queensland for an experienced conveyancer to do everything necessary to transfer title of the property, and to ensure your property transaction goes through as smoothly as possible is around $425 for sellers and $825 for buyers (including GST).
Conveyancing Fees NT
Conveyancing fees in Darwin and the Northern Territory range from $990 to $1200 for a sale and $1290 to $1980 for a purchase.
Keylaw is proud to offer our conveyancing services at the very low end of this range. Contact us for more information.
Conveyancing Fees VIC
Conveyancing fees in Melbourne and throughout Victoria start at around $900 and can be as much as $2,500.
What Is Not Included In The Conveyancing Fee?
You should clarify with your conveyancer what is and is not included in the conveyancing fee, as this can vary between firms.
Typically, a fixed fee will include everything necessary to transfer the property from contract to settlement, but a quoted amount may include or exclude GST, and will usually not include disbursements.
A ‘disbursement’ is an amount paid to a third party, such as to the electronic settlement platform PEXA, or (if you are buying property) to local or state governments for searches.
What Should I Ask My Conveyancer About Their Fees?
Make sure you ask your conveyancer whether they offer a fixed fee service, and whether they charge any extra amounts for correspondence or other services.
At Keylaw, we know how important it is to be prepared for all the costs involved in your property transfer. That’s why, unlike conveyancers who charge in blocks of time, our professional fees are fixed, and we are happy to give you a personal, itemised breakdown of the other costs normally involved in a conveyance (such as search fees and government fees and charges) completely obligation-free upfront.
Why Does Conveyancing Cost More For Buyers?
You may have noticed that firms tend to charge more for conveyancing services for Buyers than for Sellers.
This is simply because in most states and territories in Australia, there is more involved in a property conveyance for Buyers. For example, your conveyancer performs relevant searches in relation to the property and advises on them, prepares stamp duty documents, and liaises with your lender.
If you have any questions about conveyancing fees or any other aspect of conveyancing, contact us today. Our friendly, experienced conveyancing solicitors are more than happy to chat, and provide you with a breakdown of all the costs involved in buying or selling property. Alternatively, head over to our quote page for an obligation-free quote.
The above is not legal advice and is general information only.
Whether you are buying or selling, our dedicated team will work with you to ensure your property settlement is a stress free and exciting process. We want you to feel that you are in control of the conveyancing process, not that the process is in control of you. Let us show you how easy it can be.