Conveyancing for buyers and sellers: What’s the difference?

Buying and selling property is a costly process. No matter who you are, or where you live, there is little chance you will ever get out of it without succumbing to many different fees and charges along the way.
Below is a list of the differences for buyers and sellers throughout their conveyancing process. These are mainly based around the costs you will incur when you are a buyer and the costs you will incur when you are selling a property.

Conveyancing process for property buyers

• The conveyancer will take care of your First Home Owners Grant, if you are buying property for the first time.
• You will experience your first lot of mortgage paperwork including loan terms and conditions, lenders mortgage insurance details and mortgage terms.
• You will pay stamp duty.
• You will pay standard conveyancing fees.
• You will pay to have your property title searched.
• You will pay for a lands department search.
• You will need to appoint a home and contents insurer to insure the building and the valuables within it before you settle in the home.
• Settlement fees will be payable to the agency.
• Council approvals may need to be negotiated with previous property owners.
• You may be required to pay an adjustment fee to bring you up to date with the rates and utilities costs on the property.

Conveyancing process for property sellers

• Loan discharge fees apply if you have had a mortgage on the property and are selling it to someone else.
• You may need to pay a rates adjustment notice to get you through the settlement period before the new buyers move in.
• Your conveyancer will sort out the balance of your loan repayments compared to the sale price of the property.
• The Real Estate agent's commission should be sorted out through your conveyancer.
• Conveyancing fees should be rather straightforward and can be quoted at the outset of the property transaction.
• Settlement fees will be negotiated.
• Title searches need to be carried out before the property will be released.
• Your conveyancer will provide you with a Zoning Certificate from your local Council.

There may be a drainage diagram drawn up, depending on the property location and this will be arranged by your conveyancer.