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So you’re looking to buy or sell real estate in Victoria’s capital city. Before you proceed further, you need to make sure to make sure you’re legally protected. This is where a quality conveyancer comes in.
As Australia’s second most populous city, Melbourne is known around the world for its landmarks and attractions (such as Federation Square and Southbank Promenade), festivals, arts scene, food, coffee culture and diversity. It is also close to scenic sites such as the famous Yarra Valley, Phillip Island and Great Ocean Road - and let’s not forget that Melbourne is the home of the AFL.
Melbourne real estate investors can benefit from a high demand market that may have low supply. When buying or selling Melbourne real estate, it’s important to understand the nuances of property law in Victoria.
That’s why it’s important to find a qualified conveyancer who not only understands the ins and outs of the Melbourne real estate market, but is also up to date with local property legislation.
Our search function lets you find Melbourne’s best conveyancers according to property type.
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What is a conveyancer?
Essentially, a conveyancer’s role is to help you complete your property transfer. They accomplish this by providing a number of services, such as:
Conveyancers can also provide a suite of other services, such as providing help with mortgage refinancing, insurance, wills and estates, property transfers and farming development.
It is not legally required to engage a conveyancer. In fact, there are affordable DIY kits in the market designed to help you cut costs. However, due to the complex nature of conveyancing, trying to do it on your own is not advised.
You can consider the fee you pay your conveyancer as insurance against potentially damaging legal and financial consequences of trying to do it incorrectly on your own. Hiring a conveyancer will also save you a lot of time from trying to conduct searches on your own.
Conveyancing cost of buying a Melbourne property:
If you’re looking to engage a conveyancer in Melbourne to purchase a property, expect to pay, on average, between $1000 and $1300.
Conveyancing cost of selling a Melbourne property:
If you’re looking to engage a Melbourne conveyancer to sell a property, expect to pay, on average, between $1100 and $1400.
Note that these are approximations, and we advise you ask for a detailed quote from your Melbourne conveyancer before taking them on.
As a general guide, on a $1400 conveyancing fee, expect:
Professional fees cover the various administrative and consultancy costs needed to perform your conveyancing. Such costs could include your conveyancer’s time, overheads, stationary and professional advisory.
A ‘search’ helps your conveyancer assess whether the seller of the property has the legal right to sell the property (if you are purchasing it), if there are any encumbrances on the title, if there are any restrictions on how the property can be used.
Examples of searches
Examples of searches include local land charges, register searches, environmental searches, local authority searches, drainage and water searches and more.
The costs and type of the searches will depend on the nature of the property, location and council your target property sits in.
It can be useful to begin discussions with your Melbourne conveyancer before you make an offer to buy a property, or before you consider selling it.
Conveyancers can help during different stages of the property buying process. This could include when you are:
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You may be thinking, “conveyancers sound a lot like solicitors. What’s the difference?”
In summary, both solicitors and conveyancers can help with the legal side of your property transaction. Solicitors can typically be more useful for more complex matters (such as helping divide assets and considering the tax implications of divorce matters and partnership dissolutions), and conveyancers can help with more straightforward property transactions (such as buying a brand new home).
Usually, conveyancers specialise purely in property law, whereas solicitors can assist with a broad range of legal issues. As such, if you’re thinking about fees, conveyancers can typically be more affordable than solicitors. But this is simply a generalised view, and there will always be exceptions.
Need to find a reputable conveyancer without having to do the heavy lifting? Welcome to Transactor - a free platform that lets you manage your entire property transaction with a few simple clicks.
Need convincing? Enter your needs below to find the costings and contact details of some of Melbourne’s best and affordable conveyancing experts.
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Transactor is the app that has changed the way of going about property transactions. With one click, everyone involved can see the status of a property transaction, from the negotiation stage to finalising a deal.
And by everyone, we don’t just mean the buyer and the seller – this includes every single party involved, from agents, to conveyancers, to mortgage brokers, to financiers. All these people can communicate through one platform, and visually see a timeline for the whole process, from start to finish.
Whether you’re in Fitzroy, Melbourne CBD, St Kilda or any other suburb in Melbourne, Transactor can also help you find the right person for the job at a location convenient for you.
If you’re looking for conveyancing in a Melbourne suburb near you, simply click below:
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