Let’s talk about conveyancing. Most people don’t believe that it’s necessary to hire a solicitor. Well, we say otherwise!
Say, you finally found your dream house and took the necessary step to ensure that the seller accepts your offer. You get a mortgage and pay the owner the earnest money to finally get to the last part of the process: transfer of the title.
Since you didn’t hire a solicitor, you take matters in your own hands and try to get deed stamped. However, as you are standing there in the office, you are informed that the house was never that person’s in the first place to sell.
You have been duped into a scheme and that person just ran away with your earnest money. If you had a hired a solicitor, this would have ever happened. The owner would have been investigated and you would have been informed even before you paid a dime for the house.
So, are you convinced that you do need to hire a solicitor?
If yes, then click here. Now, it’s time decide whether you would like to go for fixed fee conveyancing or traditional conveyancing.
Advantages of Fixed Fee Conveyancing vs. Traditional Conveyancing
The names itself tell you the difference between the two types of conveyancing.
Fixed Fee Conveyancing
Let’s keep this short and sweet shall we? Fixed fee conveyancing allows the client to hire a conveyancer that charges lump sum of money before the filing of the paperwork and other processes start.
- From the conveyancing fees to the disbursements, everything is included in the fixed fee
- This allows the client to plan his budget accordingly because he won’t be charged any extra fee after the house’s title has been signed over to him
- The entire process is stress-free for the client, giving him time to plan about the costs after he becomes a homeowner
There are no disadvantages to fixed fee conveyancing because the buying and documentation process proceeds in a timely manner.
Traditional conveyancing follows a general timeline and the conveyancer is paid by the hour. You can imagine how hard this will be on your pocket. Here are some of the costs that are associated with traditional conveyancing:
Conveyancing fee (the conveyancing fee is set differently by every conveyancer. Some might charge a flat rate while others wait for when the property is finally bought and then charge according to its value. It can be anywhere from $900 to $2,200.
We, then have the disbursement charges, which include:
- Title Search: $20 to $100
- Rates Certificate for Sydney Water: $20 to $25
- Council Building Certificate: $250
- Clearance Certificate for Land Tax: $20 to $25
- Local Council S149 Certificate: $53 to $133
- Department of Education: $20 to $25
- Roads and Traffic Authority: $20 to $25
- Rates Certificate for Local Council: $65
- Drainage Diagram: $25
- Environmental Protection Authority: $20 to $25
- Stationery, Faxes and Postage: $20 to $40
- Transgrid and Electricity Stations: $20 to $30
- Non-Compliance/Compliance Certificate for Local Council Pool: $150 to $450
With so many costs involved and others that might pop up accidentally; traditional conveyancing can cost you thousands of dollars. We can safely conclude that fixed fee conveyancing is a better option over traditional conveyancing.