Buying or Selling Property? Here Is What’s Included in a Property Conveyancing Quotation

Couple signing a contractBuying or selling property comes with many costs. Apart from the actual buying or selling price of the house, you need to factor in professional fees in your transaction. One of the key professionals in your estate transaction is a conveyancer or conveyancing lawyer.

These professionals will handle the legal aspects of your transaction. You will sift through various quotations to get one that fits your budget.

There are multiple costs included in a property conveyancing fees quotation. Here are some of these typical costs.

Professional Fees

These refer to the initial fees you pay your professional. A conveyancer’s fees are typically lower compared with a solicitor’s. Some conveyancing firms run special promotions on special occasions, and you might be able to negotiate lower professional fees during these periods.

Disbursement Fees

These are the costs your conveyancer or solicitor needs to pay third parties. Disbursement fees typically include property searches, planning, council building, water rate and land tax searches.

The costs vary depending on the extent and number of your property searches. A settlement, anti-money laundering, and property fraud costs are some of the other disbursement fees you might have to pay.

Statutory Charges Quo

When buying property, you might need to pay transfer fees and stamp duty depending on your state laws.

The conveyancer or solicitor you choose will check your title and revenue office and inform you if there are any concessions or exemptions available. Sellers selling investment property typically pay capital gains tax on their properties.

Your conveyancing quote might also include adjustment fees, which could include water and council rate adjustment fees. The buyer is to pay this, but if the seller pays them, the buyer should reimburse them at the time of closing of the transaction.

Other conveyancing adjustment costs include discharge of mortgage, body corporate and licence fees.

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