Conveyancing for buying a property can involve these steps:
- examining the contract for sale
- arranging building and pest inspections
- examining a strata inspection report (if the property is in a strata scheme)
- arranging finance if necessary
- exchanging the contract of sale
- paying the deposit
- arranging payment of stamp duties
- preparing and examining the mortgage agreement
- checking if there are outstanding arrears or land tax obligations
- checking if swimming pool compliance documentation is needed
- finding out if any government authority (eg. local council, Sydney Water, Transport for NSW) has a vested interest in the land or if any planned development could affect the property
- finding out any information that may not have been previously disclosed such as a fence dispute or illegal building work
- calculating adjustments for council and water rates for the property settlement
- overseeing the change of title with NSW Land Registry Services
- completing any final checks prior to settlement
- attending settlement.
Costs
Fees will vary between solicitors and conveyancers. As well as a legal service fee you will usually be charged for disbursements, which may include:
- a title search
- certificate fees charged by authorities with responsibility for water, electricity, roads, schools etc.
- photocopying
- registering the mortgage
- registering the transfer.
Conveyancing costs, other than legal fees and disbursements, may include:
- building and pest inspections
- survey report
- establishment of mortgage
- home building insurance
- valuation fees
- mortgage insurance
- stamp duty and mortgage duty
- levies, if the property is in a strata or community scheme
- council and water rates.
- Legal practitioners and conveyancers must disclose certain information to clients, generally before or when they are retained. This includes information about their costs for doing the conveyancing.
Important: Before the conveyancer or solicitor starts the work, ask for an itemised statement of the likely costs to give you a better idea of the total.
Need more information?
Telephone: +61 (2) 8021 2508
Email: legal@themisco.com.au
Themis & Co is the firm you always can rely on.