If you are buying or selling a house then you will need to hire a conveyancing firm to take care of all of the legal ins and outs. There are plenty of these firms to choose from, so you will not have any problem finding one, but expect conveyancing quotes to vary substantially. You can get this service for around $750 sometimes, but it can cost upwards of $2000. Therefore, you will need to do some research before deciding which conveyancing firm to hire.
To cover the time that a conveyancer spends working on your transaction, you will need to pay them a basic fee, which will be based on one of the following pricing systems:
- On a fixed-fee basis.
- A fee that is linked to the final sale price of the property.
- An hour by hour fee.
The first two of those pricing systems are preferable, as you will know in advance exactly how much you have to pay. If you are buying or selling an expensive property then a fixed pre-determined fee will work out best for you, as you will not be penalized as you would be with option two. Unfortunately, conveyancing firms offering the first pricing system are not so commonly found these days, so it may take you a while to find one. If the value of the property that you are buying or selling is relatively low, then there will be little difference whether you go with pricing system one or two.
The basic conveyancing fee is not all that you will have to pay. You will also have to pay for disbursements, which are costs that a conveyancer incurs on your behalf whilst processing your transaction. These are not personal expenses, but rather unavoidable costs, such as licenses and taxes. Disbursements should cost about the same amount at each conveyancing firm, as they should have a fixed price. Some conveyancing firms will add a mark-up onto them though.
When assessing and comparing conveyancing quotes, you need to pay close attention to what is included in the standard fee and what is categorized as disbursements. Less reputable conveyancing firms will offer appealingly low basic fees, but will strip down what they will do for that basic fee. They will call some of the tasks and charges that should be covered within the basic fee disbursements, and you will be hit with hidden, unexpected costs when you get your bill. Therefore, always consider what is included within the basic fee, and do not make your final decision just based on who is advertising the lowest upfront price.
To cover the time that a conveyancer spends working on your transaction, you will need to pay them a basic fee, which will be based on one of the following pricing systems:
- On a fixed-fee basis.
- A fee that is linked to the final sale price of the property.
- An hour by hour fee.
The first two of those pricing systems are preferable, as you will know in advance exactly how much you have to pay. If you are buying or selling an expensive property then a fixed pre-determined fee will work out best for you, as you will not be penalized as you would be with option two. Unfortunately, conveyancing firms offering the first pricing system are not so commonly found these days, so it may take you a while to find one. If the value of the property that you are buying or selling is relatively low, then there will be little difference whether you go with pricing system one or two.
The basic conveyancing fee is not all that you will have to pay. You will also have to pay for disbursements, which are costs that a conveyancer incurs on your behalf whilst processing your transaction. These are not personal expenses, but rather unavoidable costs, such as licenses and taxes. Disbursements should cost about the same amount at each conveyancing firm, as they should have a fixed price. Some conveyancing firms will add a mark-up onto them though.
When assessing and comparing conveyancing quotes, you need to pay close attention to what is included in the standard fee and what is categorized as disbursements. Less reputable conveyancing firms will offer appealingly low basic fees, but will strip down what they will do for that basic fee. They will call some of the tasks and charges that should be covered within the basic fee disbursements, and you will be hit with hidden, unexpected costs when you get your bill. Therefore, always consider what is included within the basic fee, and do not make your final decision just based on who is advertising the lowest upfront price.
