What are solicitor, conveyancer and legal fees?
When you purchase a property you will generally engage the services of a lawyer or conveyancer to assist with the process.
They will help with the legal and statutory process of transferring real estate ownership from one person to another, while ensuring that your rights are protected.
In addition to ownership transfers, conveyancing involves the preparation, execution and lodgement of various legal documents to enable a swift and legal sale, including the contract of sale and transfer of land document.
Just as importantly, conveyancers conduct vital searches that confirm authenticity of the property and the property transaction and they can find new information about the property. They will help you find out about things like planning restrictions, zoning regulations, heritage listings, any interest vested in the land or any unapproved construction on the land, among other things.
Finally, conveyancers will keep your deposit money in a trust account, adjust the rates and taxes between you and the vendor, liaise with banks and/or lenders and oversee the final settlement of the property.
While hiring conveyancing services is not mandatory and you could do the work yourself, it is a highly technical and specialised job that involves a lot of administrative tasks, dealing with government departments, banks, legal documents and legal terminology.
Generally speaking, conveyancing fees can range from anywhere from $500 to $2,200, but of course this may change according to the service provider.
On Own my Own Home we we’ve assumed solicitor/conveyancer costs of $1,500.
This page was last updated on 19 September 2019.