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Conveyancing Fees: What You’re Paying For

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Conveyancing Fees: What You’re Paying For

Conveyancing is complex, and at times is an incredibly arbitrary process. Often it’s hard to know where to start. Let’s break it down, so you can feel at ease with the knowledge of exactly what you’re paying for.

The fees can often upwards of a thousand dollars - it’s important for you to know where all those dollars are going.

Conveyancing, in essence, is the transfer of legal title or of real property from one person or entity to another. It also pertains to the granting of a lien or mortgage.

It revolves around two main stages, being the exchange of contracts, and the subsequent ‘completion’ of said process. A conveyancer is not an absolutely necessary part of the process, but when all’s said and done, and all that’s left is paperwork - most people find themselves willing to pay to have someone act on their behalf, so they can focus on the actual moving.

Legal work is by nature, arduous and complex, and often if you make mistakes doing it you’ll find yourself losing your 10% deposit, for example. For this reason, it’s highly, highly recommended that you find a professional to handle this side of things for you. (why you need a conveyancer when selling your house)

What exactly are you paying for, though?

For one, by hiring a conveyancer, if any legal mistakes are made, you’ll be covered by the indemnity insurance. This is a safety net worth its weight in gold.

On top of that, the conveyancer works with both parties in the transaction, ensuring everybody is in communication and happy with what’s going on. (conveyancing fees: what you’re paying for).

In most instances, the conveyancer will do the following for a buyer:

  • Prepare and lodge legal documents. This is the most obvious, and tends to be all we think of when conveyancers come to mind (the documents & paperwork you need to sell your house)
  • Find out the property’s certificate of title - assess any easements, the type of title and any other potentially crucial information.
  • Handle the trust account in which the deposit money goes.
  • Calculate the tax and rate adjustments.
  • Settle the property - legally act on your behalf, advise both parties, and contact your bank when final payments are being made. (your guide to settlement day)

Don’t just go with the first conveyancer you come across.

A good idea is to ask family and friends who’ve sold in the past if they have had any positive experiences with a certain conveyancing company or individual. Google reviews are a great way of gaining a better idea of the calibre of conveyancer, as well as simply asking your real estate agent, accountant or lawyer if they have any colleagues or acquaintances who they’d recommend. Having a list of four or five different options is a great place to be in, and will allow you to shop around with confidence.

It’s advisable to run a little background check on each of them - ask if they’re members of the Australian Institute of Conveyancers, what their fees and charges are, are there any additional costs?

Most importantly, get an idea of their timelines. It’s crucial that they are able to work at a pace that keeps up with your moving dates.