Conveyancing Legal Fees
What are the total conveyancing legal fee typically made up of?
- the solicitor’s professional fees and
- the cost of disbursements and outlays and
- government charges
Professional fees cover the cost of the time and resources of the professional lawyers required to complete the matter, the risk management and legal compliance activities, and normal office costs (e.g. postage, telephone, photocopying, faxes etc.).
As in many aspects of life, you will often get what you pay for. So it is important to look for legal firms that offer good value for money, rather than just looking for the cheapest in town.
Disbursements and Outlays are the costs payable to other agencies such as search companies, councils and utility authorities, settlement agents, etc. The primary purpose of these searches and other services is to protect your interests, so beware the conveyancor that quotes the total price low by skimping on the activities that will protect your interests.
Government charges for purchases can include transfer duty and registration fees.
When comparing legal quotes, don’t just compare total to the total. Make sure that you are comparing apples and apples. For example, compare professional fees to professional fees and assess what you are getting for your money in terms of expertise, customer service, and responsiveness. Then compare disbursements to disbursements to review what is being done to look after your best interests. In Queensland, the conveyancing protocol recommends a number of standard searches to be undertaken. These recommended searches can be a good comparative guide.
What do we offer for our legal fees?
- Perusal of, and legal advice on, proposed Contracts of Sale
- Advice on the appropriateness of accepting or waiving the 5 business day cooling off period.
- Negotiations with other parties, their agent or lawyer, and preparation of all transfer documentation.
- Obtaining all standard and if requested non-standard searches.
- Liaising with your financial institution to facilitate settlement.
- Arranging settlement time and date.
- Calculating the appropriate rate for Stamp Duty and arranging stamping
- Calculate rate, water, and other necessary adjustments
- Attend settlement.
When do we require payment?
We will only require payment of our professional fees and outgoings at settlement of your Property.
Stamp Duty is required to be paid one month after the contract becomes unconditional or on settlement, whichever is earlier. We usually accept payment of stamp duty on the day of settlement as long as payment is by bank cheque.