Conveyancing fees are an expense you need to factor in when buying or selling a property. But many property buyers want to know: does the cost of your conveyancer change depending on the price of your property?
The answer is: it depends, on many factors.
It depends on the complexity of the transaction, the location of the property and the experience and pricing policies of the conveyancer you’re working with.
Understanding conveyancing costs
Generally speaking, costs will always vary from one conveyancer to another, and the value of the property can act as the biggest determinant. In general, the more expensive your property is, the higher your conveyancing costs will be.
There are conveyancers that charge a flat fee for all legal services, while there are others who charge a sliding fee based on the property sale price. Hence, conveyancing fees can range quite widely.
Aside from the sale price, one of the things that increase your conveyancing costs is disbursements. These are charges acquired by your conveyancer from third party services on your behalf. Examples of these charges are:
- Title search fees
- Local council building certificate search fees
- Owners Corporation certificate search fees
- Land Tax Certificate search fees
- Council rates search fees
- Water rates search fees
- Fees for other property searches as may be necessary
- Settlement Agent fees
Are you wondering what your conveyancer actually does when working on your transaction? Learn more here.
Focusing on more than the price
A big consideration when reviewing conveyancing fees is the different services that each conveyancer offers. One conveyancer may be bringing a lot more to the table than another, particularly if they are a qualified solicitor, so it is understandable that they might charge more than other conveyancers.
In addition to the value of the property, some of the common procedures that can influence your conveyancing fees include the time spent reviewing the contract of sale, and applying for and reviewing a full set of certificates. These certificates provide important information like the owner’s corporation fees, unregistered easements, building information, water information statement and final inspection results.
It’s also crucial to remember the role that your conveyancer plays; in many ways, they are your advocate throughout the buying or selling transaction.
They can also negotiate with a vendor’s representative if you would like to request any changes to the contract of sale terms and conditions, and they’re always looking out for your best interests. Sometimes, they may provide general legal advice related to the property purchase, if that falls within their skill set.
Before hiring a conveyancer, it is important to clarify the services that they offer so you know what you are actually paying for. Ask for a breakdown of the expenses and determine if this suits your budget.
At Think Conveyancing, our focus on customer service ensures we always put your needs first. As such, we place a lot of value on transparency, so we are more than happy to provide you with a written quote that clearly outlines our fees and services – so there are no surprises along the way. For more information, contact our friendly team on 1300 932 738. You can also contact us online here.