Do you know everything that is required and involved in selling a house? You may understand that you need a legal contract for the sale or that you need a real estate agent to assist in the marketing of your property, however there is so much more that goes on behind the scenes.
For instance, there could be any number of issues that can cause a delay in settling your sale. It’s surprising what can go wrong. Without having experience or expert knowledge in the field, it can be hard to navigate the legal requirements and complex processes. Engaging an experienced property lawyer, like a conveyancer, is the best way to take the hassle out of selling your home – they handle all the paperwork, documentation and legal details.
They also provide reassurance by guiding you through the sale process and answering any questions you might have. They will discuss your sale and advise you of any potential issues that may obstruct the sale of your property.
If you are considering engaging a conveyancer for your sale, you’ll likely next have to consider “how much are conveyancing fees when selling a house?”. The process of selling a property is no small feat, and it’s a big financial decision to make. However, the benefit of using a conveyancer is that they will take the stress out of selling your home.
How Much Are Conveyancing Fees When Selling a House?
The exact cost of conveyancing fees can change from property to property and for each individual case. There’s no set figure, but you can get a free, no-obligation quote from us to give you a better idea of what to expect.
That’s the best thing about an experienced conveyancer – they will be able to provide a fully-personalised service and charge you only for the specific requirements of your individual sale.
Fees to consider when selling a property
- Agents’ fees: You’ll likely need a real estate agent for your sale. They become the public face representing you in the sale of your property and they act as the communication channel between buyers and you. They generally take a percentage of the sale price as their fee. The rates they charge can vary, generally they are in the 1.5 – 3.5% range. However, the rate you pay could be more or less than that, as agencies vary their rates depending on a number of different factors.
- Conveyancer/solicitor fees: Conveyancing costs can vary for a number of reasons, such as the state you are in, the conveyancer you engage and your individual property. Your conveyancer should be able to give you a personalised quote for the expected fees and costs involved. For more information on what’s involved in selling, take a look here.
- Lender fees: If you have a mortgage on the property you’re selling, you’ll generally need to pay a mortgage discharge fee. Again, this fee can vary depending on your specific lender and the terms of your mortgage.
- Home staging: Good home staging can greatly increase your chances of a quick sale and can also help to increase the value of your property. The extent of home staging you may need can depend on how well the home’s interiors have been maintained.
- Auction fees: If your property is going up for auction, you’ll need to pay an auctioneer to organise the proceedings. Fees for a good auctioneer’s can vary; your agent may be able to give you a better idea of what to expect.
What conveyancers do when selling a property
If you do decide to engage a conveyancer to assist in the sale of your property, you’ll want to know what their involvement is in the sale process. Here’s an outline of what the process looks like with Pitt Street Conveyancing.
Contract preparation & marketing phase
- Before you put your property on the market, we will prepare the contract for sale of your property.
- We will order all the searches required for the contract for sale and prepare the contract based on your instructions.
- We will provide the contract to your agent so that they can start marketing the property for sale.
- We will promptly respond to any legal enquiries received from prospective buyers or their solicitors.
- We will assist in negotiating any amendments requested by prospective buyers or their solicitors in relation to the contract for sale.
- We will organise for you to sign the contract and for an exchange of contracts after your agent has negotiated the terms of sale of the property. Sometimes the agent will arrange for contracts to exchange.
After Exchange & Settlement
- We will assist you with letting your lender know that the property has sold and arrange to complete, sign and return the lender’s form of discharge authority.
- We will assist you with preparing replies to the buyer’s requisitions on title.
- We will arrange for you to sign the transfer in preparation for settlement.
- We will coordinate settlement with your discharging lender and the buyer’s solicitor.
- We will finalise settlement figures and the calculation of settlement adjustments, as well as obtain a payout amount from your lender.
- We will attend the settlement and collect the settlement money, deliver the payout amount to your lender and deliver the certificate of title and transfer to the buyer’s solicitor.
- We will arrange for any surplus funds to be deposited into your bank account if required.
- After settlement, we will report to you regarding the settlement and notify the agent that settlement has taken place.
If you have any questions about selling a property and specifically surrounding the question conveyancing fees when selling a house, get in touch with Pitt Street Conveyancing today for a free quote and to discuss your options.