What is Conveyancing?
In legal terms, Conveyancing is the transfer of Real Property. It is the legal process of transferring the ownership (the rights, title and interest) of Real Estate Property from one legal entity to another.
A conveyancer is required for both sides of a real estate transaction – buying and selling.
We recommend buyers engage a conveyancer early on in their property search. They will typically assist you with the following:
- Reviewing your contract of sale
- Changing your title details
- Preparing and clarifying legal documents
- Arranging building and pest inspections
- Conducting research about the property and its certificate of title
Some more specific transactions that can be dealt with by your Conveyancer include:
- Transfers of land/property;
- Private contracts;
- Discharge of mortgages;
- Private mortgages;
- Change of name registration;
- Transmission of deceased estates;
- Matrimonial transfers;
- Land and Community Divisions of property;
- Transfer of farming property;
- Transfer of water licences; as well as
- Leases and transfers of businesses.
Fees
When you are buying a property, there are a number of fees involved for which you need to be prepared. Each case can be slightly different due to individual circumstances, but here’s a general list of the costs of buying a house.
You can also use your purchase price to estimate some of the fees using the Land Services Online Transfer Fee Calculator.
1. Stamp duty
Other than the price of the property itself, your biggest upfront cost as a purchaser is usually stamp duty. This can vary from state to state, and there are also some concessions available depending on who you are and what you’re buying. You can use the price of the property to gauge an estimate on the stamp duty using the Revenue SA Stamp Duty Calculator.
2. Government fees
There are also government fees such as Land Services SA Registration which are $176.00 per document (e.g. if there is a new mortgage registration).
3. Bank fees
Your bank may charge an application fee, an annual fee and possibly a valuation fee. There may also be document preparation fees. Make sure you ask about what these fees are and when they need to be paid—are they one-off or ongoing?
4. Conveyancing fees
Your conveyancer will charge a professional fee to handle your settlement. Be sure to ask what is included. Does it cover liaison with your lender, verification of identify requirements, discussion and advice, checking your contract and Form 1 preparation?
5. Council rates
As part of settlement you need to reimburse the seller for any rates they have already paid in advance, the benefit of which will transfer to you as the new owner. There will likely be an adjustment of council rates. This varies on the value of the property and where it is located but will likely be between $1,000.00 to $3,000.00.
6. Strata and Community Corporation fees
When you buy a property, you need to reimburse the vendor for any community or strata fees that they have paid in advance. You can request an estimate early on in the negotiations. It’s then your job to pay these fees each year.
7. PEXA fees
PEXA is the electronic conveyancing platform used in South Australia. PEXA charges $117.92 for a single transfer. If a new mortgage registration is required, the PEXA fee for Registration of Mortgage is $59.07
At Ezra Legal, we have the knowledge, systems and expertise that you’ll need as you prepare for the official transfer of your new place into your own name. We deal with Residential, Commercial, Leasing, Subdivisions, Family transfers, Deceased Estates and more. We keep you updated throughout the journey from the start until finish, liaising with all parties to ensure that everything happens as smoothly as possible.
For more information and expert advice, ask to speak to one of our lawyers at Ezra Legal on (08) 8231 6100 or email admin@ezralegal.com.au
For information on the range of conveyancing services that we provide at Ezra Legal, head to:
Michael Fabbro
Principal
Ezra Legal
