Review all the service costs involved before you hire a property conveyancing professional
When it comes to buying or selling property, are you aware of all the costs involved? It’s a question any new home buyer or seller should ask themselves. Aside from the purchase price of your property, there are many other costs involved. Property inspections fees, taxes, and mortgage insurance are just some of the costs to look out for.
Budgeting for a property purchase or sale can get easier once you start to break it down and prioritise exactly what it is you need to pay. Property conveyancing is no exception. A good property conveyancer or property lawyer will be transparent when it comes to the costs involved with their services.
So consider all the expenses involved before you pick a property conveyancing specialist for your next property purchase or sale. If a cheap conveyancer’s rates sound too good to be true, it’s likely there’s hidden fees and costs that haven’t been revealed yet. Alternatively, there could be services they simply can’t provide that you may need to seek out from another professional.
To get you ready for your next property purchase we’re covering all the costs you can expect to pay for property conveyancing.
What’s involved in property conveyancing?
A Conveyancer or Property Lawyer’s services can span a number of areas when it comes to your property transaction. These areas of service include the following:
Research
The conveyancing process begins with obtaining information on your property. A conveyancing specialist will need to collect documents that cover ownership titles, the condition of the property, history, and finances.
Preparing documentation
A conveyancing specialist will then prepare a sales contract. This contract will be shared by the buyer and seller. Any legal or governmental documentation should also be gathered and prepared such as stamp duty. Details of deposits and transfer of ownership titles should also be prepared.
Examination and verification
The final stage of your property conveyancing service should involve a thorough review of all document information provided by the buyer and seller of the property transaction. All information should be accurate and discussed with you before the property transfer process is complete.
What makes up a standard conveyancing fee?
A Conveyancer or Property Lawyer will set their own fees for their service. There is no industry standard or guidelines they need to abide by when it comes to their fee pricing. That’s why you may find that some property conveyancing specialists can be incredibly cheap compared to others.
In Victoria, Conveyancing fees can range from $600 to $1500. Conveyancing fees can vary based on the value of your property, the property type, and whether you choose to use a Conveyancer or a Property Lawyer.
There are legal Conveyancer’s disclosure requirements set out by Consumer Affairs Victoria. Conveyancers are required to provide their fees upfront if they are known when they first start representing a client. If a Conveyancer can’t reveal their upfront costs to you then they are required to detail how they calculate their costs.
As a general guide, you may find the following items listed on your conveyancing services list:
- Drafting a sales contract
- Processing stamp duty
- Building inspections
- Examining the buyer’s and seller’s contracts
- Searching for property and/or land titles
- Assessing valuations for the property’s value
- Investigating plans from organisations, local councils, and governments
- Legal searches on finances associated with the property e.g mortgages
- Obtaining property certificates e.g water usage, electricity meter readings
Talk to P&B Law about your property conveyancing costs
When it’s time to buy or sell, it’s worth contacting a qualified property law expert for property conveyancing. At P&B Law, our Property Lawyers are very experienced when it comes to property conveyancing. They have the knowledge and expertise to make sure everything about your property transaction is legally sound.
Care and attention to detail are essential when it comes to a property purchase or sale. We provide a clear breakdown of property conveyancing service costs for your peace of mind. A property transaction is one of the biggest sales or purchases of your life. We’ll guide you through every step of the way to ensure you have a clear understanding of what’s going on.
Unlike Conveyancers, our Property Lawyers can provide you with excellent legal advice to ensure your best interests are protected during a property transaction. Any mistakes made during a property transaction can be costly. So always ensure you have a qualified and experienced property law expert by your side when you’re buying or selling property.
Contact P&B Law today for all your property conveyancing needs.