Conveyancing is the process of transferring the ownership of a property legally from one individual to another. And conveyancing fees are the charges or rates levied by the government and solicitors for such transfers. In Australia, there are two main parts of this process: one is the exchange of contracts and second is the completion of formalities leading to your ownership.

Usually a conveyancer or a solicitor is hired to do the conveyance but you can also handle it yourself. In some areas like Queensland, a conveyancer works closely with the solicitor but in other areas, you can manage all by hiring a conveyancer only. You must also keep in mind that certain lenders also provide the conveyancing facilities without any fees to their borrowers.

The conveyancing fees are not fixed. You have to pay the cost of conveyancing to your hired lawyer or conveyancer. And it is usually charged on the basis of time and amount payable for legal formalities like registration. The various costs involved are:

•    Fees for searches. The searches reveal any disputes or problems affecting the property.
•    Registration fees that are charged for the process of transfer of title.
•    Stamp duty that varies from state to state and also depends on the total cost of house.

Solicitors charge a little higher than the conveyancing firms. The conveyancers give you a correct estimate of the costs involved. But as a user, you must know what all is included in the final figure presented to you and if it is the correct amount or just a rough estimate. You can get the information about the conveyance from National Electronic Conveyancing System which is a joint effort by the government and the industry to make it easier for the common people to know their conveyancing fees and details.

You can save the conveyancing fees by doing everything yourself although it  requires lot of effort from your side. You have to have a detailed understanding of all the concepts. It is complicated and a bit risky too so it is advisable to hire a professional to take care of the legal matters.

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Tags: conveyancing fees

This entry was posted on Tuesday, October 12th, 2010 at 10:01 am and is filed under property investment. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.