With today's economy most of us are conscious of how we spend our hard earned money and when you're determined to slash costs and save money, it can be tempting to start pinching pennies on everything. However, before you start comparing on price alone, remember that adage about being "penny smart and pound foolish." Cheap conveyancing isn't always what it seems and the following questions will help you to get a more precise quote from your conveyancer when calling for estimates.

What should I look out for cost wise?

When calling for a quote on conveyancing there are a number of questions that you should ask to better determine what is included in the service provided. These questions are:

1. Does your fee include GST?

Often when obtaining a verbal quote by telephone you will not be advised if the price does not include GST, therefore giving the impression that the fees are slightly less in comparison.

2. Does the conveyancer charge separately to deal with my mortgagee regarding a discharge of mortgage for a sale, or a loan advance for a purchase?

When selling property with a registered mortgage on Title, your conveyancer will incur additional work and time in organising the discharge of mortgage, completing the bank's Discharge Authority, obtaining payout figures and scheduling settlement.  Very similar to purchasing property using finance, your conveyancer will need to liaise with your mortgagee providing copy documents, scheduling settlement, obtaining funds available and ordering cheques for settlement.

As not all sales and purchases involve mortgagees, this is more often than not, decided on a case to case basis, and when applicable, charged as an additional fee to the standard conveyancing fees.  If your purchase or sale involves a bank, then be sure to mention it when obtaining your quote for a more precise outcome.

3. What is charged for Disbursements?

Disbursements are out of pocket charges that your conveyancer incurs such as fees for obtaining a title search and property certificates eg. rates, water and zoning. Disbursements are always an additional charge to your conveyancer's professional fees. It is always best to ask for a ball park figure because depending on the nature of your transaction disbursements can vary substantially by way of example, from as little as $100.00 - $800.00 so to save any unexpected blow outs on your budget, it is best to ask your conveyancer for an approximate.

4. Is the type of property I am buying/selling more complex in nature and is it likely that I will incur extra charges for professional fees?

For example, if you are auctioning your property for sale, professional fees and disbursements are almost always higher than what they would be in a standard private sale. 

The responses you receive to these questions will assist you in obtaining a more precise quote in moving forward.

Contact Ballarat & District Mobile Conveyancing with your list of questions and let us have the opportunity to impress you with our professionalism, communication skills and knowledge. Remember the old saying "first impressions last a lifetime".