When buying a property, engaging a conveyancer is a smart move. We have written previously about the benefits of using a conveyancing professional, but what do the conveyancing fees actually cover?
Reading Contracts
A review of the contract of sale is one of the key elements of the conveyancer’s service. Looking after property contracts all day every day means a conveyancer has a good understanding of what to look out for and will pick up any unusual terms or caveats that may not be in your best interest to accept. They can then explain this to you, the possible impact and offer advice on how to proceed. Having a conveyancer in your court offers peace of mind when it comes to contracts because they are not all the same.
Property Searches
We’ve previously discussed title searches and what they tell you about your new property. A conveyancer will also look at rates and land tax. These rates must be understood and divided between the buyer and seller prior to settlement – otherwise all existing debt is transferred to the new owner with the land and they will be paying costs incurred by the previous owner.
Often things like title searches are called ‘disbursements’. These searches are undertaken by a third party and the conveyancer will pass on these costs to you. In most cases, these costs will be revealed upfront so it’s worth asking your conveyancer about them if this is not the case.
Managing Settlement
As a part of their service, the conveyancer will liaise with your finance lender to ensure that not only is the legal documentation you require ready for settlement, but also the funds you need to exchange contracts. Outsourcing this aspect of managing multiple contacts can often save you time and worry as you prepare other things in anticipation of your upcoming move.
Stamp Duty
Apart from the purchase price of the house, stamp duty is one of the biggest costs when purchasing property. A conveyancer will be able to advise you of the amount of duty payable.
Documentation Preparation
There is an extensive range of documentation and forms needed to ensure a property settlement runs smoothly. These can include things like zoning certificates, certificate of title, any strata documentation, plans and documents relevant to your particular circumstances. If anything is missing, this can affect the settlement process, so a conveyancer will ensure all of the required documentation is in place and ready to go at settlement.
When buying a property, there are a multitude of steps and deadlines throughout the process that a conveyancer undertakes on your behalf. Having the knowledge and experience to know what is required each step of the way means a smooth transition of property ownership and a trouble-free process for you, the buyer. Covering these steps and ensuring a stress-free process is what is included in the fees a conveyancer charges. Contact us with any questions.