We all know that purchasing a property will involve various costs and to assist you in estimating how much this cost will be, we have created this list for you. There are also links to some pages that can assist you in estimating the various costs involved during your property purchase.
Government fees & charges, bank fees & charges, inspections, removalist, appliances, furniture, service connections and renovations can all add up to be considerable amount of money and so we suggest that you be prepare before commiting to property purchase.
The following are some of the items that you should keep in mind when calculating your expenditure:
- Stamp duty - one off, payable on property purchases. Please refer to Stamp duty implications article on our website.
- Transfer Registration fee - payable to your State Government.
- Mortgage registration fee - usually $90.
- Loan Establishment Fee - please liaise with you banker/broker.
- Settlement Attendance Fee - we usually cover this in our quote.
- Lenders’ Mortgage Insurance Arrangement Fee - please liaise with you banker/broker.
- Lenders Mortgage Insurance (LMI) - please liaise with you banker/broker.
- Rate Lock Fee - please liaise with you banker/broker.
- Conveyance Fee
- Services connection charges such as telephone and internet - please speak to your telecom provider.
- Removalist Costs
- Pest Inspection Report - around $250.
- Building Inspection Report - around $350.
- Strata Inspection Report - if applicable - around $270.
- Building & contents Insurance - please speak to your insurer.
- Strata fees/body corporate (incl. Building insurance, garden maintenance) - if applicable.
- Council costs & water rates
We offer a complete conveyancing solution to all our clients purchasing property. Please contact us if you have questions regarding the above or conveyancing in general.
PEXA – Property Exchange Australia Limited previously known as National E-Conveyancing was formed in 2010 to deliver a national electronic Conveyancing solutions to the Australian Property industry.
PEXA is a national platform where lodgements and property settlements will occur online in a simple transaction. During September 2014, PEXA will launch its full functionality to practitioners in NSW followed by Victoria and other states thereafter.
Who’s involved – LPI, major banks, Solicitors and Conveyancers and RBA and State Revenue Offices and lastly, peak industry bodies such as the AICNSW and Law Societies.
Please visit our SydneyConveyancing.com.au again for more information in the coming months on PEXA.
Conveyancing means a legal action/transaction which binds the seller and the buyer to finalise the transfer of real property from the seller to the purchaser in lieu of some consideration for the seller.
This act of transfering an ownership interest in real or personal property involves a written instrument viz.deed or lease or mortgage on the basis of a written contract between both parties ,the buyer pays the agreed upon price to the seller on the date of actual transfer of the interest in real property or fulfilment of obligations of the interested parties. If either party fails to give effect to the contractual obligations of the transaction,the other adversly affected party can approach the court for enforcing the contract or relief/damages.
Legal procedure of conveyancing is, thus, performed by a licensed Conveyancer under the provisions of Conveyancers Act 2006 ,by involving any of the following transactios:
- the sale of a free-hold interest in land;
- the creation, sale or assignment of a lease-hold interest in land;
- the grant of amortgage or other charge.
Section 4 of the Act ibid further lays down that the Conveyancing work includes;
- legal work involved in preparing any document (such as agreement,conveyance,transfer,lease or mortgage) that is necessary to give effect to a transaction, of a kind, referred to in sub section (1);
- legal work (such as the giving of advice or the preparation ,perusal,exchange or registration of documents) that is consequential or ancillary to a transaction,of a kind , referred to in sub section (1);
- any other legal work that is prescribed by the regulations as constituting conveyancing work for this Act.
At Sydney Conveyancing we ensure that the buyer is informed , well in time, of any restrictions on the property such as mortgages and liens and assures the buyers of clean title to the property.