When asking a question such as the cost of conveyancing, you need to be mindful of the fact that the answer really depends on who you decide to engage to provide the service.
From the outset, we recommend you engage a solicitor to act on your behalf rather than a conveyancer and there are many reasons for this. We have previously explored some of the more significant differences in a recent article.
Yes, there are some things that can easily be calculated and will remain fairly fixed, such as stamp duty for instance. You can access the Office of State Revenue calculator here and determine the likely cost in that regard.
Other incidental costs associated with the purchase of a property can also be easily obtained, whether it be the likely cost to carry out required renovations, or a real estate agent’s likely commission and you can also find other useful calculators in the above Office of State Revenue link… but what is the cost of a conveyancing transaction when you engage a solicitor or conveyancer to act on your behalf, i.e. the “legal” costs of engaging a solicitor or conveyancer?
Costs can vary depending on a number of variables, in particular they can relate to:
- whether you are buying or selling a property,
- the type of property, and
- whether you use a solicitor or conveyancer, among other things.
As we previously explored in our article, the “differences between a solicitor and conveyancer”:
- both conveyancers and solicitors alike can be quite expensive;
- many have hidden fees that you are unaware of until you receive your invoice;
- many providers will charge you a fixed rate for a very specific scope of services, but as soon as something is required outside that scope, the fees can escalate very quickly;
- some even charge according to the value of the property involved; and
- the majority of solicitors and conveyancers will also charge you for things like photocopying, telephone calls, paper clips and envelopes, otherwise known as sundries and other “hidden costs”.
So there is no doubt the cost of such a service can fluctuate and in reality, not even be known clearly and certainly until it’s too late. So there are costs (unknown, only estimates and dependent on many variable) and then there are costs (known, clear, certain and fixed).
The Gavel & Page Lawyers Cost Difference:
Our professional fee for the residential conveyancing process from start to finish is $990 plus GST.
That is our fee for providing the full suite of services required, from review or preparation of the relevant contract, to liaising with banks and third parties, the other party’s solicitor, agents and / or brokers as required, through to all matters resulting in final settlement of the matter.
That’s it. It doesn’t matter what the value of the property is, whether you are buying or selling and it doesn’t matter how many phone calls we make or how many emails we send (or paper clips we use).
Overlooked But Necessary Expenses
Involved in the conveyancing process are additional costs that you will incur regardless of who you decide to engage.
Specifically, when you sell a property for instance, attached to every contract prepared on your behalf in NSW, are a number of documents that are required. These include things like a title search, sewer diagram, dealings that may be on title (like easements), council related documents and others. These are mandatory and not optional.
These documents are held by third parties and are required to be purchased and attached to the contract.
Some solicitors and conveyancers require payment for these upfront, Gavel and Page Lawyers do not. We will pay for them and seek reimbursement later on, when the matter is completed. We will always advise you of the cost of that purchase before you are committed.
Similarly, there may be additional charges when buying a home, typically with what is known as “post exchange searches”. Many of these are optional and will (or should) be discussed with you, with tailored advice provided to you at the relevant time.
These may involve searches with, for instance, Roads and Maritime Services, or Jemena Gas, or there may be heritage related searches. The reason for such searches are to ensure that no other body or institution has any vested interest in the property your buying. Most people would want to know if the Roads and Maritime Service is planning to widen the road and will seek to acquire some party of your property for that purpose.
These are the only true variable costs that should be associated with the process.
They are said to be “variable” because how many documents that need to purchased will depend on the type of property and how many dealings that individual property may have registered on title. Factors such as these vary from property to property and local council to council and cannot be known in advance, but can be known and should be communicated before you are required to commit.
So you need to be clear as to what is included in any price you are quoted and that you understand your commitment in advance.
Gavel & Page Lawyers will always:
- Have an initial discussion with you and obtain all relevant details we require in order to provide you with a fee proposal;
- With that information, we will provide you with the total cost of the entire process, including any disbursements required;
- Where we cannot provide an exact quotation for whatever reason, we will cap our fees, so that you know, regardless of what happens, your fees are capped at a certain price for the entire process;
- Unless you agree, you are not committed or obliged to pay anything.
