How long is a piece of string? Trying to answer questions about the cost of conveyancing is very difficult, as there are so many variables which come into play.
Understandably, people want to be able to budget for the necessary costs, so questions about the cost of conveyancing are usually the first thing on people’s minds. Most people understand that it’s a far better idea to use the services of a licenced conveyancer when it comes to your property transaction, but how much is it going to cost you? Would you be better off going it alone? Let’s have a more in-depth look at these questions.
The cost of conveyancing
Conveyancing fees can vary widely, with costs ranging anywhere from around $500 to over $2,000. The variation in fees depends on whether you are buying or selling a house, the type of property involved, the laws in your state, the experience of the conveyancer, the standard of services offered, your specific circumstances, the complexity of the transaction, your goals and needs and the different parties involved in your transaction. The cost of the property does not affect the conveyancing fee. There is no such thing as a standard conveyancing fee, as each conveyance is made up of unique circumstances and is different from any other. Often conveyancers will not be able to tell you the final fee until the transaction has been finalised.
Conveyancing fees will cover:
- Negotiating the sale price
- Making sure you meet your financial, contractual and legal obligations
- Preparing the contract
- Managing documentation
- Making sure any special contract conditions are met
- Helping you meet all the necessary timelines
While conveyancing fees cannot be precisely quoted, estimated fees for a standard conveyance can be provided. This estimate will only hold true if nothing unusual happens during your transaction, in which case the cost will obviously rise. Conveyancing fees are made up of:
- A fixed professional legal fee (paying for the conveyancer’s time and expertise)
- Standard search fees (these are third party costs paid to local councils etc.)
- Additional costs (these cover anything that falls outside a standard conveyance)
Conveyancers will usually charge a fee for every procedure they conduct on your behalf, such as title searches, rates enquiries, council certificates etc.
Average cost of conveyancing in Queensland
- When buying a house in Queensland in 2020, averages costs for conveyancing range from $1,150 to $1,500.
- When buying land in Queensland in 2020, average costs for conveyancing range from $1,140 to $1,400.
- When buying an apartment in Queensland in 2020, average costs for conveyancing range from $1,300 to $1,600.
- When selling a house in Queensland in 2020, average costs for conveyancing range from $468 to $600.
- When selling land in Queensland, average costs for conveyancing range from $468 to $580.
- When selling an apartment in Queensland, average costs for conveyancing range from $468 to $580.
Average cost of conveyancing in New South Wales
- When buying a house in New South Wales in 2020, averages costs for conveyancing range from $1,100 to $1,450.
- When buying land in New South Wales in 2020, average costs for conveyancing range from $1,100 to $1,450.
- When buying an apartment in New South Wales in 2020, average costs for conveyancing range from $1,200 to $1,600.
- When selling a house in New South Wales in 2020, average costs for conveyancing range from $1,100 to $1,300.
- When selling land in New South Wales, average costs for conveyancing range from $1,100 to $1,300.
- When selling an apartment in New South Wales, average costs for conveyancing range from $1,200 to $1,450.
The cost of not using a conveyancer
Conveyancing fees may seem high, and many buyers or sellers might be tempted to attempt a conveyance themselves in order to save some money. While no one wants to pay for services unnecessarily, and it IS possible to carry out a conveyance yourself, this is generally not a wise idea. Trying to save money in this way will often end up costing you more in the long run than you would have spent on conveyancing fees.
This is because the requirements of buying or selling property in Australia are stringent. It’s very important to ensure the process is completed correctly, because the consequences of making a mistake can be extremely costly. The process of conveyancing is highly specialised and technical. Unless you’re well versed in the legal aspects relating to real estate and
property, you won’t have the necessary knowledge to proceed with a conveyance. Plus, conveyancers offer insurance to cover their clients in the event of an error – something you won’t have if you attempt a conveyance on your own. In most cases, attempting conveyancing without the help of a professional is just not worth it. Using a licenced conveyancer will protect your assets and help you get the best use out of your money. The cost of getting conveyancing wrong is usually significantly higher than the cost of paying a professional to do it for you – so leave this job to the pros. Not only are you paying for all the services a conveyancer can provide, you’re also paying for peace of mind that your property transaction will go smoothly.