Solicitor Expenses When Buying a Home

Home build costs

Well, buying a house certainly isn’t like shopping for something by paying what’s on the price tag. There are myriads of extra costs associated to it that every buyer must be aware of. Of all the additional costs linked to buying a home, the solicitor expenses seem really significant.

A few home buyers consider undertaking all the legal aspects when purchasing a property themselves; however, it is usually recommended that buyers resort to a legal specialist (conveyance or solicitor) for advice.

The process of conveyancing (legal aspects involved in buying & selling property) can be highly complicated. Only a licensed solicitor or conveyancer can guide you around potential legal pitfalls which may arise during property purchase.

Let us have a look at what exactly is involved in conveyancing and how much you will have to spend on it.

The common conveyancing procedures during a property purchase which can attract fees include:

• Reviewing the sale contract and communicating the terms and conditions to the buyer
• Providing a Costs Disclosure Statement
• Applying for a complete set of certificates
• Title search & certificates check
• Draft a Transfer of Land
• Supplying copies of several signed documents to financier
• Lodging a warning with the land authority
• Preparing a statement regarding adjustment of rates & taxes
• Arranging settlement with all parties involved
• Arranging payment
• Notice of Acquisition

A few solicitors deem the tasks mentioned below outside the scope of regular normal conveyancing:

• Completion of government forms in terms of stamp duty assistance
• Changes to any of the contract terms & conditions
• Nomination of an extra or alternative purchaser
• Lodging a warning to safeguard buyer interest

Additional services provided by a solicitor

• Negotiating with the representative of the vendor with regards to any changes to the sale contract’s terms and conditions
• Legal advice in relation to the property purchase

Well, there isn’t any set fee for hiring a solicitor or Certified Practicing Conveyancer (CPC) because each property transaction is different. However, it is always crucial to use a licensed solicitor or conveyancer. Besides, it is a great idea to receive several quotes or a service recommendation. Remember that when you are engaging legal property services, needless to mention, the lowest price may not necessarily be the best service.  Over the years we have received great advice and service from a local firm Access Legal.

A breakdown of the different types of conveyancing fees a home buyer may possibly encounter:

1. Finance application fees or Mortgage costs
2. Government fees in the form of State Revenue Office stamp duty in relation to transfer & Title Office registration fees (on transfer).
3. Conveyancing fees

An out-of-pocket conveyancing package often includes title searches along with plans and instruments, organising special meter readings & obtaining a council land / building statement, water rate & encumbrance certificate, land tax certificate, roads authority certificate, planning certificate, owners corporation certificate and EPA certificate. Well, a full package of these out-of-pocket expenses is not required if Section 32 statement has relevant certificates (that are up to date).

There may be miscellaneous charges as well for telephone calls, photocopying, and other administrative costs.

On the whole, make sure you have enough money for such associated costs involved in home purchase, especially the solicitor expenses.

If you enjoyed this article you may enjoy this post from our friends at Access Legal also here.