Property
& Conveyancing
Our Services
- Contract Review
- Purchase & Sale of residential property
- Strata Units & Townhouses
- Off the Plan transactions
- First Home Buyer Assistance Schemes
- Company Title
- Options including Put and Call Options
- Aged Care Accommodation
Is it necessary to have a contract reviewed Before it is signed
We recommend that you always ask a lawyer to review a contract before you sign it. In some circumstances, such as at auction, you will be immediately bound by the contract without any cooling-off period, meaning you cannot exit the contract.
This means it is critical that you seek advice as soon as possible before you intend to make an offer or attend an auction, to enable you to obtain advice and to seek any amendments to the draft contract that may be necessary. Depending on the circumstances of your sale, you may also wish to obtain a Building and Pest Report, and/or a Strata Report or make other enquiries before you sign a contract.
How much does conveyancing cost in Sydney?
The professional fees for the purchase or sale of a property in Sydney will generally range from about $1,500 to $2,500 plus GST and disbursements. This includes approximately $300 to $500 plus GST in fees to review or prepare a contract for sale, and the remainder for all the other work up to settlement of your transaction.
Disbursements such as NSW Land Registry fees, PEXA fees, and property searches will also need to be paid. For a purchaser, disbursements are usually about $750-$1,000, while for vendors disbursements are usually $1,000-$1,200 due to cost of documents which must be included in the sale contract.
This means that the total conveyancing costs in Sydney, is usually approximately:
For a Purchaser: in the range of approx. $2,400 to $3,750 including GST.
For a Vendor: in the range of approx. $2,650 to $3,950 including GST.
However, the total costs may be less below or above this range depending on the circumstances of the transaction. Premium property transactions often incur greater fees due to the added complexity.
If you are making enquiries of different firms about conveyancing costs, we suggest that you ensure that the estimate provided to you includes includes PEXA and Land Registry fees, as combined these expenses can exceed $500 for each transaction. Also, keep in mind that you may incur additional expenses in your transaction such as mortgage fees, stamp duty, land tax or other taxes, and agent's fees.
Contact us by telephone or leave us a web enquiry if you have any questions about your property conveyancing needs, or if you would like a personalised fee estimate.
Do I need a lawyer or conveyancer?
Both a lawyer and conveyancer can handle standard aspects of a standard property transfer. However, a lawyer can also advise you on legal issues such as complex or unusual contract terms, vendor disclosure requirements, and easements and title issues.
A lawyer can also manage any dispute that may arise in the course of your transaction, whereas if you engage a conveyancer you may have to seek the advice of a lawyer mid-transaction, at additional cost.
For most people, buying or selling a property is one of the biggest financial decisions you will make. Proper legal advice can help you avoid making costly mistakes, manage risks, and ensure your transaction runs smoothly.
How long will the conveyancing process take?
The date that settlement is required to take place depends on the terms of the contract. Often settlement occurs 42 days (or six weeks) from the date of the contract however occasionally contracts provide for shorter or longer settlement periods.
It is important that all steps in the conveyancing process are undertaken expeditiously to avoid delays and to ensure you comply with obligations in the contract.
Purchasers should also be aware that they may be required to pay stamp duty before the settlement date if settlement is due to take place 3 months or more after the contract date. This means the purchaser must have stamp duty funds available prior to settlement to avoid penalties and a high rate of interest on late duty.
It is important that you receive legal advice as soon as possible if you are considering a property transaction. Get in touch with us to enquire about how we can assist you in your matter.