Buying or selling property in Brisbane can be an expensive exercise. There are real estate agent fees, pest and building inspections and moving costs, to name just a few. Emotions and stress levels are often high and the last thing you need to deal with is unforeseen costs at settlement.
Conveyancing services are an expense that should be budgeted for during your property transaction. But with so many Brisbane conveyancing services and price points out there, it’s worth knowing what exactly are you paying for, and how much should you expect to pay for conveyancing in Brisbane?
Why Am I Paying Conveyancing Fees?
Conveyancing is a complex process and is best handled by an experienced Brisbane conveyancer. It’s not quite as simple as signing paperwork, paying the property price, and changing the name of the property owner on the property title.
You might be wondering what is included in your conveyancing fee, and what a conveyancer does during the process of transferring property. A good conveyancer is thorough and experienced, and their work typically includes all the following:
- Contract Review: A thorough examination of the contract will be conducted to ensure its accuracy and legality.
- Confirmation of Critical Milestone Dates: Conveyancers will diligently navigate through critical milestone dates, including building and pest inspections, financing, and any other special conditions. They will also negotiate with the other party on behalf of the client if required to achieve the best possible outcome.
- Preparation of Legal Documents: The necessary legal documents will be prepared and handled by the team to ensure all legal aspects of the transaction are in order.
- Verification of Identity: To comply with Queensland Government requirements, the team will verify the client’s identity through the necessary procedures.
- Calculation of Figures: Accurate calculations of financial details, such as adjustments for rates, water, and electricity.
- Representation at Settlement: Your Brisbane conveyancer will act on behalf of the client during the settlement process to ensure smooth and successful completion.
- Preparation of Stamp Duty Documents: The necessary stamp duty documents will be prepared, and the team will provide advice on any applicable transfer duty concessions.
- Advice on Smoke Alarm and Pool Safety Certificate Compliance: The team will offer valuable guidance and information regarding compliance with smoke alarm and pool safety certificate requirements.
- Property Searches and Advice (For Buyers): For buyers, the team will conduct comprehensive searches related to the property and offer advice based on the findings.
For most people, a property purchase or sale can be one of the biggest and most important transactions of their lives. It is worth engaging a professional Brisbane conveyancer who is an expert in property law and who can guide you through the legal processes to help you avoid any expensive mistakes or undue stress.
Who Pays The Conveyancing Costs?
In Queensland, both the buyer and the seller of the property will need to engage their own conveyancer. This ensures that each party is represented in the property transaction. The process of buying and selling property is also different, therefore different processes, searches and costs are expected. Each party pays their own conveyancer’s fee which is usually done at settlement.
Conveyancing Fees QLD
Fees range from fixed fee arrangements to well into the thousands of dollars for a single property transaction. Fees can vary based on the complexity of the property transaction.
A fair price in Brisbane for an experienced conveyancer to complete all legal tasks to transfer the title of the property, and to ensure the property transaction goes through stress-free is around $650 for sellers and $900 for buyers (including GST).
For peace of mind and to avoid any unforeseen costs at settlement ask your Brisbane conveyancer if they offer a fixed fee conveyancing service or if they charge for extra correspondence or other services. Basically, don’t be afraid to ask your conveyancer what the costs will be to purchase or sell a property.
At Bush to Beach Legal, we understand that selling or buying a property can be stressful and expensive. That’s why, unlike other Brisbane conveyancers who charge in blocks of time and surprise their clients at settlement, our professional fees are fixed. We communicate and provide an itemised breakdown of the other costs normally involved in a conveyance completely obligation-free upfront.
Why Does Conveyancing Cost More For Buyers?
From your research, you have probably noticed that some Brisbane conveyancers tend to charge more for conveyancing services for buyers than for sellers.
The reason for this is due to there being more involved in conveyancing for the buyer. In most cases your conveyancer will perform relevant title and local government searches in relation to the property, prepares stamp duty documents, and liaises with your lender.
Do You Have More Questions?
If you have any more questions about conveyancing fees or any other aspect of conveyancing in Queensland, get in touch with our expert team today. Our friendly and experienced conveyancing solicitors are more than happy to offer advice and provide you with a clear transparent breakdown of all the costs involved in buying or selling a property in Brisbane.