1. Scope of conveyancing
The more services they offer, the more expensive your fees may be – but it’s all worth it when you realise that their job is to protect you in your purchase.
One of the services that all conveyancers should offer is reviewing your contract, which enables you to know if there are any risks associated with your purchase.
Conveyancers should also research the property, particularly the title, council rates, and land tax, to ensure that you don’t inherit any of the seller’s debts. Just as importantly, they’ll make sure there is no third party blocking you from becoming the new property owner.
Other services that your conveyancer might offer include contacting your lender for your financing needs; advising you of your stamp duty payable and any available concessions; preparing all of your necessary transfer documentation; and lodging a Caveat – that is, registering your name as a Caveator on title to secure the property by preventing any other dealings from being registered on the title before settlement.
Disbursements are the charges incurred by your conveyancer from third-party services on your behalf. While some conveyancers will provide an exact figure on their quote regarding the cost of such disbursements, some items are difficult to estimate beforehand and so a ‘cost range’ for items like property search costs and inspection fees will be offered.
Examples of disbursements include title searches, stamp duty, land tax, inspection fees, loan fees, building insurance, council rates, water rates and strata levies.
Costs like building certificates, land tax certificates, and government fees to the Environmental Protection Authority and Roads and Traffic Authority usually have fee ranges.