45 Cameron Street, Launceston Tasmania

Phone: (03) 6332 9353

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Conveyancing in Tasmania - Costs and Expenses Explained

It is important to ensure that you know what is and isn’t included when you get a quote for conveyancing. Together with professional costs there are 'out of pocket expenses' (also known as ‘disbursements’) being costs incurred by your solicitor for items such as searches and registration fees. These costs are not part of the professional services fee.

When buying or selling your property it is important to be fully aware of all the costs involved. You should ask your lawyer for an estimate of their professional costs. However, in order for your lawyer to provide an accurate estimate, you will need to provide information relating to your sale or purchaser. Information such as the price you are selling or buying for, whether or not a bank is involved (a discharge of mortgage for a sale or a new mortgage for a purchase) and other information relating to the property that may make the transcation more complex.

Out of pocket expenses are normally made up of the following:

  • title searches;
  • rates and land tax searches;
  • other information provided by government authorities;
  • mines searches; and
  • registration fees (such as transfer/discharge of mortgage/mortgage registration fees).

You should only be charged the same fees that your solicitor has been charged for the searches/registration fees.

Some other costs that you might see in a conveyancing transaction will be as part of the settlement adjustments rather than as an out of pocket expense. Normally this is when one party is responsible for the cost, but for practical reasons the other has paid or will pay it such as rates/taxes and rent adjustments.

Accordingly, when you get a quote for conveyancing if it is not made clear as to whether or not the out of pocket expenses are included in the quote you should seek clarification and a clear breakdown of the quote. Cormiston Legal is very happy to provide a breakdown of our quote that can be emailed to you.

If you are buying or selling a property in Tasmania and would like a quote, please contact us on 03 6332 9353 or use our Conveyancing Quote form http://www.cormistonlegal.com.au/conveyancing_quote

 

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