Conveyancing pricing for Buyers and Sellers

Why is there a difference between conveyancing pricing for buyers and sellers?

The legal aspect of buying or selling property (conveyancing) is typically conducted by licensed and experienced conveyancers. Conveyancing is an arm of the legal industry and as such can be extremely complicated.

So why is there a difference in conveyancing pricing for buyers and sellers? Buying a property typically always incurs higher conveyancing fees than a vendor or seller will incur. This is due to the amount of work that a conveyancer needs to conduct during a purchase as opposed to a seller.

Conveyancing for a buyer can involve the following and more:

  • Title search and certificate check
  • Draw up a transfer of land
  • Supply copies of signed documents to the financier
  • Lodge documents with the land authority
  • Prepare statement of adjustments of rates and taxes
  • Arrange settlement with all parties
  • Arrange payment
  • Apply for government concessions when applicable
  • Negotiate with the vendor regarding changes to contacts, sales terms, etc.
  • Provide legal advice

Selling a property is not as involved as buying however care still needs to be taken to ensure that all legal aspects are taken care of. The conveyancing process for a selling will typically involve:

  • Forward signed contract to buyer’s conveyancer
  • Pay out settlement funds to interested stakeholders and disperse remaining monies as directed by the vendor
  • Prepare statement of adjustments of rates and taxes
  • Attend settlement on vendor’s behalf
  • Negotiate with the buyer’s conveyancer when required regarding changes, etc.

A professional conveyancer may seem to be a costly expenditure however the legal pitfalls which you may be caught in without their assistance can be much more costly. We strongly advise that whether you are buying or selling a property engaging the services of a professional conveyancer is imperative. They will help guide you through the process and are highly trained in identifying and rectifying issues if and when they arise.

For further advice contact Spot On Conveyancing today!