The process of buying or selling a property (referred to as “conveyancing”) can be a very stressful process for purchasers and for vendors alike, but that does not have to be so.

If you are selling a property, you will be told by your real estate agent that you must have a draft contract available for any prospective purchaser to look at.  This is a requirement of the Conveyancing (Vendor Disclosure) requirements and means that certain documents (title searches, zoning certificate and the like) must be attached to the contract.  These searches usually cost between $200 and $300.

If on the other hand you are buying a property, there are searches and enquiries that your lawyer will advise you to make in relation to the property.  These searches can be more extensive than those which a vendor needs to make for the draft contract to be prepared and may cost between $300 to $400.

In addition to these expenses, your lawyer will charge legal fees for his / her professional services.  These fees may vary from lawyer to lawyer.

Recent developments in conveyancing include a move to “electronic conveyancing” which includes a regime’ for the verification of the identity (VOI) of both vendors and purchasers, the requirement for vendors of property sold for $750,000.00 or more to provide a “Foreign Residents Capital Gains Withholding Tax Clearance Certificate” and a range of other measures.

Avoid unnecessary delays, additional expense and stressful situations by contacting Lopich Lawyers on 1300 783 634.

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