It’s been a turbulent time for the property market in 2020 due to all the uncertainty the pandemic has brought to our shores. The news on property has continued to fluctuate over the last few months with economists and property specialists all weighing in with their expert opinions.
From the sensational news story from 60 minutes (reporting an estimated 40 per cent drop in the Australian housing market), which has been slammed by many experts as being scaremongering and misleading. To the most recent news articles suggesting prices across the nation’s residential real estate markets are stabilising and should begin to increase in the second half of next year after a mild downturn over the coming months.
It’s fair to say, the news and expert opinions are volatile at best. From our experience the property market on the Central Coast is very active and positive for clients and businesses.
Why do I need a solicitor for conveyancing?
This is one of the largest transactions you enter into in your lifetime.
You need an expert with the experience and knowledge to guide you through the process.
What do conveyancers do?
According to The New South Wales Department of Fair Trading besides transferring ownership of sale into your name legally, there are many other elements to the process including:
- Advising on contracts
- Helping you to arrange finance
- Paying for the house deposit
- Assessing whether any government bodies are planning any developments that could impact the land or house
- Organising building inspections
- Determining if you’ll be subject to any land tax obligations
- Arranging payment of stamp duty
Other key benefits of using a property lawyer
Environmental and land issues
A conveyancer will know about your local area of purchase and any environmental issues that could arise that may not have been apparent in an inspection. They will be able to advise you if the property is in a major flood zone or risk of being in a bushfire zone. They can do land searches and title searches and subject to the searches you undertake, advise you about non-complying structures on the property you want to buy.
There can be costs involved which you may not be aware of through the conveyancing process like penalties if a purchaser does not settle on time. Other fees can arise when a property may be worth less than you have been told because of potential undetected defects and restrictions.
A conveyancer will also carry out many searches, including:
- Tiles searches
- Local authority searches
- Building Reports and Strata Reports
- Pest reports
- Pool compliance reports
How much should you expect to pay for a conveyancer?
There are no set fees for conveyancing, and the amount you will pay will depend on the person you use, the amount of work required and a range of other elements.
Contact Linda Emery & Associates on 02 432 34766 for advice on the costs involved in a sale or purchase, refinance or new mortgage. We look forward to being able to assist you in your property transaction.