Whether you're buying or selling your home, a conveyancer helping you through the process will be an invaluable asset.
You probably already know that you need a conveyancer, but you may be a bit foggy on the details. You may be wondering what exactly they can help you with and how much it will all cost.
Here's what you need to know about conveyancing costs and services.
How much does a conveyancer cost?
Different conveyancers charge for their services differently; there is no standard for conveyancing costs. A conveyancer may charge a flat fee per task or an hourly rate. In any case, the size and complexity of the purchase or sale will be the biggest determining factor of the conveyancing costs. A typical conveyance for a home purchase may take around four hours of professional time while a complex task will take longer.
As well as the conveyancing costs, you will also have to pay for any disbursements the conveyancer incurs on your behalf. These are any out-of-pocket fees that must be paid for things like title searches, property certificates, and bank production fees.
What does a conveyancer do?
Your conveyancer can handle a variety of tasks. Most people choose to have their conveyancer handle everything so they know it will be done correctly and they can focus on things like packing and moving.
Most people want to know exactly what is included in the conveyancing costs. The tasks they can perform for you include:
|Conveyancing tasks in a sale||Conveyancing tasks in a purchase|
|Preparing the Contract of Sale and Section 32||Checking the Contract and Section 32|
|Liaising with the agent and the purchaser's representative||Advising you on the release of the deposit|
|Communicating with your bank||Communicating with your bank and the vendor's representative|
|Organising the release of the deposit||Preparing the Transfer of Land|
|Preparing government documents||Organising the settlement and ensuring the correct documents are handed over|
|Organising the settlement and ensuring the correct documents are received||Preparing the Statement of Adjustments|
|Notifying the Council and authorities that you have acquired a new property|
As you can see, there are a lot of complex tasks involved in conveyancing. Choosing not to use a conveyancer can be very risky since you're much more likely to make mistakes on your own.
What can go wrong if you don't use a conveyancer?
If you're not a legal professional or experienced in the property market, it is very easy to take a mistake if you try to do everything yourself. Some common mistakes include:
- Special conditions – You may want to include special conditions in the Contract, such as having the vendor remove rubbish from the backyard prior to settlement. If you forget to include this in the contract, they will not be required to do it.
- Conditional on finance – If you forget to tell the vendor that your bank has not yet approved finance by the prescribed date, the Contract becomes unconditional. This means you could lose your deposit if you don't come up with the funds.
- Restrictions on subdivision – Without a conveyancer, you may purchase a property planning to subdivide it without realising that there are restrictions on subdivision such as easements or a restrictive covenant.
- Terms contract – If you are planning to pay for the property under a Terms Contract, using more than one payment, you need to make sure it is the correct type of Contract. This can be difficult if you are unfamiliar with Terms Contracts.
Since there are so many things that can go wrong without one, it is essential that you have your conveyancer look over all the documents before you sign anything. Conveyancing costs are a lot less expensive than making mistakes on a property purchase or sale.
Rose Lawyers and Conveyancers
Here at Rose, we are experts in all areas of property law. We have a great deal of experience and we're familiar with the Melbourne property market.
Our conveyancers will guide you through every step of the process and make sure nothing is missed or overlooked. We're upfront about all our conveyancing costs, so you will know what to expect.
For more information about our conveyancing services, get in touch with us on 03 9878 5222.