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CONVEYANCING FEES

Whilst we cannot quote for other firms of solicitors or conveyancers. For our professional and premium conveyancing services handled by a Solicitor from start to end the costs are on our website.  You can click on the buttons below for our costs for our services. 

Conveyancing Explained

1. What is Conveyancing?

2. What does a Conveyancing Solicitor do?

3. Do I need a Conveyancer?

4. Conveyancing Process?

5. How much does a Conveyancer cost?

Costi Legal has the experience of thousands of transactions of property over many years. Our team of Solicitors at Costi Legal can guide you in your property transaction. From sales to purchases, to property settlements and other transfers, we will advise you of your rights and obligations and be with you every step of the way.

What is Conveyancing?

Conveyancing involves all the steps involved in transferring the title of real property from a seller or vendor to a buyer or purchaser. This starts with negotiating the contract of sale and continues until the title is registered at NSW Land Registry through the PEXA platform.

What does a Conveyancing Solicitor do?

A solicitor or conveyancer can assist with the following property matters:

  1. Buying a house

  2. Selling a house

  3. Subdividing land

  4. Transfer of property

  5. Property settlement process

  6. Change of title details.

Conveyancing Process

How long does it take?

Depending on the settlement date on the contract, you should expect the process to take from 28 days to 3 months. 42 days is the normal contract. However, time periods can be negotiated prior to exchange or prior to auction depending on your requirements or circumstances.

Step 1 Contract of sale:

The vendor or seller's side will prepare the contract of sale, describing the legal description of the property, price if one has been agreed, warranties and other terms and conditions. The purchasers Solicitor should carefully review the contract and negotiate any changes before the parties sign the contract and the purchasers pay the deposit. This is exchange of contracts. Generally, there is a 5 business day cooling off period, which can be extended with negotiation. During the cooling off period it is common for building and pest inspection reports and strata reports to be reviewed if they have not been completed prior to exchange. The purchasers may rescind the contract through their solicitor or conveyancer forfeiting the 0.25% of the purchase price in the process. 

Step 2 Financing:

Financing is a condition that is very important. Home buyers should seek pre-approval before they begin to search for a house or unit. It is very important not to proceed past the end of cooling off period without formal approval as if approval is not forthcoming after the end of the cooling off period, 10% of the purchase price will be forfeited and expose the purchaser to potential court action for recovery of losses of the vendor that may have been incurred.

Step 3 Searches and Inspections.

Contracts are reviewed by a solicitor at Costi Legal and a written review is provided to each purchaser of a property. We prefer written reviews as this allows time for the purchasers to carefully read a review of  the contract, they have provided to us. The written review is provided in simple language to help with understanding by purchasers. After the review purchasers are encouraged to ask questions if they do not understand the review to ensure the understand the contract they are signing and the property they are buying. If the purchasers provide strata reports or building and pest reports these will also be reviewed and included in the contract review.

Step 4: Stamping of Contract

Stamp duty is collected by Revenue NSW on most transactions of real property. Stamping of the contract of sale is completed by us at Costi Legal for our clients. We can help first home buyers with applications for exemption or concession from stamp duty. Please see the link if you are eligible for an exemption or concession from stamp duty. https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme 

Step 5: Before Settlement Preparation

Final figures are usually available from a week to three to four days before settlement. We endeavour to provide final settlement figures before settlement as early as possible to ensure the purchasers have the funds available to settle the property. Purchasers should organise with the agent for a final inspection of the property to ensure the property is the same condition as when the contracts were signed.

Step 6: Settlement day

Settlement date has arrived and providing the purchasers have the required funds in the accounts and have completed final inspection of the property. Purchasers and vendors are not required to do anything associated with the transfer of property on day of settlement as Costi Legal will take care of this for you. Purchasers and vendors can concentrate on moving into and enjoying their property. The vendors and purchasers will receive a phone call once the property settles.

Step 7: After Settlement Day

After settlement day council, water and strata (if the property is part of a strata plan) are notified that change of ownership has taken place. NSW Land Registry registers the new purchasers on the title of the property.

Do I need a Solicitor or Conveyancer?

While you can manage the process of conveyancing yourself in NSW. Most people engage a Solicitor or conveyancer to minimise the risk and stress. The process can be complicated and mistakes can have disastrous consequences. 

Using a Costi Legal Solicitor for Conveyancing.

We are members of the Law Society of NSW and have Professional Indemnity liability insurance from Lawcover.

Keep several things in mind when choosing a Solicitor or conveyancer.

  1. Choose a firm that can tell you the solicitor that will be handling your matter from start to finish. Our policy at Costi Legal is the solicitor that begins the matter, stays with the matter and ends the matter.

  2. Make sure that you can reach that individual by telephone. Our policy is to return calls that are not answered straight away within 4 hours and usually a lot quicker. 

  3. Ask for a quote up front. We always provide upfront quotes.

  4. Make sure that your solicitor patiently and completely answers all your questions and you understand them fully even if you need to ask them several times and in several different ways. Our clients understanding of contract of sale implications is of utmost importance to our company.

How much does a Solicitor of conveyancer cost in NSW?

Whilst we cannot quote for other firms of solicitors or conveyancers. For our professional and premium conveyancing services handled by a Solicitor from start to end the costs are on our website.  You can click on the buttons below for our costs for our services. 

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