Buying Process - Engage Licensed Conveyancer or a Solicitor

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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.