Buying and selling property can be a costly process. There are a number of fees associated with the transfer of property, from stamp duty, building inspections, property valuations, agent commissions and council rates certificates.
For this reason, some potential homeowners or sellers look to cut costs and attempt to navigate the sale or purchase of property on their own. This option, however, could end up costing far more than it saves – as many people unfortunately find out.
Engaging a conveyancer will ensure the process happens smoothly, your interests are looked after, and no legal requirements are missed or overlooked.
With costs in mind, one of the most common questions we get asked is “How much does conveyancing cost?”. It’s a good question, but one that doesn’t have a precise answer. Every conveyancer will have their own fees and rates and every property will have unique conditions and circumstances. This means that conveyancing fees can vary depending on who you engage and the individual property. However, expert conveyancers will be able to assess your needs and provide a quote accordingly. This will help you to get a more accurate idea of the financial requirements for buying and selling property.
If you’re looking to engage a conveyancer in Sydney, you’ll likely know that the Sydney property market can be highly competitive and pricey. For this reason, many people engage a conveyancer to ensure the process runs smoothly and they have higher chances of success.
Conveyancers are experts in the sale, purchase and transfer of property. They will give you an accurate assessment of the processes involved and be able to handle the complex legal documents and procedures involved on your behalf.
How much does conveyancing cost in Sydney?
Conveyancing costs vary from firm to firm, so it’s important to get a quote from your conveyancer to receive more accurate costing. There are a few ways that conveyancers fees are most commonly charged. They can be charged:
- As a percentage of the property’s sale price (for sellers)
- As a percentage of the purchase price (for buyers)
- As a flat fee for each of the costs associated with conveyancing (ie, title search and the drawing up of the sale contract)
- As a cost negotiated between client and conveyancer
In Sydney, the most common fee charge is a percentage of the total purchase or sale price.
On top of the conveyancer’s fees, there are additional disbursement costs for the charges that are incurred in the conveyancing process. These include:
- Property Title Search
- Local Council Building Certificate
- Local Council S149 Certificate
- Sydney Water, rates certificate
- Land Tax, clearance certificate
- Postage, stationery, faxes
- Local Council Pool Compliance/Non-Compliance Certificate
What do conveyancer’s fees cover?
A conveyancer will be able to help at every stage of the conveyancing process, but the exact activities your fee will cover depend on the conveyancer you engage and your agreement with them.
There are three general areas of activities that conveyancers provide, they can be categorised as:
- Research – this involves investigating and gathering information on the property. This could be things like the condition of the property, legal ownership and titles, and the property’s history and finances.
- Preparing documentation – this includes the creation of the sales contract, preparing any legal or governmental documentation (such as stamp duty documents), and preparing the delivery of deposits and transfer title ownership.
- Examination and finalisation – this involves the verification of information provided by the seller/buyer or their conveyancer. This includes ensuring that all the information provided by both parties is accurate, reading the terms of their contract, and then verifying the transfer process for settlement.
These three areas span the process of buying and selling property and cover the role of the conveyancer within it. Your conveyancer’s fees will include the activities you need for your specific sale or property purchase. Some of the most common services that conveyancers provide include:
- Creating the sales contracts
- Examining the buyer’s or seller’s contracts
- Communicating with other parties on your behalf
- Searching for property and/or land titles
- Research into whether organisations, councils or government have plans for the property or land
- Legal searches into the finances connected to the house (like mortgages)
- Organising building and pest inspections
- Handling the stamp duty processes
- Obtaining any certificates required for the property (for example the water usage and electricity meter readings)
Although it’s difficult to answer the question “How much does conveyancing cost?”, we hope this article has given you a better understanding of how conveyancing costings work and what the fees cover. If you have any questions about buying or selling property, or transferring ownership of property, get in touch with us today.
If you’re in Sydney and you need to engage a conveyancer for your next purchase or sale of property, Pitt Street Conveyancing will provide you with a tailored service depending on your needs.