The fees paid to the conveyancer are an expense you ought to mull over when acquiring or selling a property. The question on the lips of many buyers is whether the conveyancing costs depend on the price of a given property. The answer is it depends on the value of the property among other various factors, such as the complexity of the deal, the site of the property and the experience and pricing formats of your chosen conveyancer.
A keen look at conveyancing costs
As earlier stated, the value of the property is arguably a key determinant. The more expensive your home or building is, the costlier your conveyancing costs. Some conveyancers charge a flat rate for all conveyancing services, whereas some charge a sliding fee depending on the selling price of the property. Thus, conveyancing costs can range fairly widely. Apart from the selling prices, another aspect that adds to your conveyancing fees is disbursements. These are simply charges accrued from third party services by your conveyancer on your behalf. Typical examples of these charges include:
- Title search charges
- Land tax certificate search charges
- Local council building certificate search charges
- Water rates search charges
- Council rates search charges
- Charges for other necessary property searches
- Settlement agent charges
Concentrating on more than the cost
A key factor when analyzing conveyancing charges is the myriad services that every conveyancer offers. A particular conveyancer may be offering a lot, especially if they are an experienced solicitor, and this may explain why they might be charging more compared to other conveyancers.
Besides the value of the property, other factors that may impact your conveyancing fees include the amount of time used to review the sale contract and apply for and analyze a whole set of certificates. Note that these certificates offer crucial information, for example, the owner's corporation charges, building information, unregistered easements, water information report and final inspection findings.
Keep in mind the role that your conveyancer plays. Normally, they act as your advocate during the entire buying or selling process. Moreover, your conveyancer can also consult with the vendor's agent if you wish to request any adjustments to the terms and conditions of the sale contract. In other words, they are always working in your best interests.
Prior to hiring the services of a conveyancer, you should first understand the conveyancing services they offer. Request for a breakdown of their fees and decide if this fits your budget.Share