4 Things To Look For In A Conveyancing Quote

The conveyancing quote, explained

The conveyancing quote is given for a range of services required during the purchase and title transfer process:

* Inspections as required (building, pest, electrical, plumbing)
* Finance, and mortgage documentation, if necessary
* Contract examination
* Payments related to the purchase (deposit, stamp duty, balance of principal, fees and charges payable)
* Council records, including building and rates

* Water rates
* Title examination
* Change of title processes
* Exchange of contracts
* Settlement

The quote should set out the anticipated cost of the purchase process, identifying services provided, with fees and charges in itemized form.

Please note: Conveyancing solicitors may also have to provide additional services if necessary during the purchase process. These services may require additional fees over and above the originally quoted amount.

(If, for example, a building inspection caused a purchaser to offer a lower amount, the conveyancing solicitor may be requested to conduct purchase price negotiations, a service not stated in the initial quote.)

Pre-exchange of contracts

Prior to exchange of contracts, the contract of sale is subject to the full spectrum of examination of relevant information. Your conveyancing solicitor or conveyancing agent will also be able to explain and clarify any issues related to the purchase.

Please note: Only practicing solicitors can provide legal advice regarding your purchase. Conveyancing agents cannot provide legal guidance.

After exchange of contracts

After exchange of contracts, the conveyancer manages the purchasing process. This process is exhaustive, and some issues can be technically difficult, requiring expert legal scrutiny.

Conveyancing may be critically important in saving purchasers a lot of unnecessary expense and aggravation, and preventing surprises on settlement.

For example, areas which the title checks should cover include:

* Formal access to property for services
* Physical site access
* Encumbrances on title, like water, electricity and gas easements, road reserves, Traveling Stock Routes, and drainage reserves
* Intended land acquisitions by councils or state authorities under planning instruments
* Heritage listing
* Environmental planning orders under Regional Environmental Planning Policies and State Environmental Planning Policies

These are extremely important issues, which directly affect the rights of property owners. These matters also affect the value of the property, and may also affect the viability of the purchase.

Settlement

Upon settlement, the purchaser is the owner of the property, and the conveyancing process is completed.

Conveyancing fees will relate to services outlined in the quote, with any additional matters added in itemized form :

* Fees for services
* Inspection fees
* Title search fees
* Stamp duty
* Council and water rates if payable
* Survey report
* Fees for any additional services provided