Conveyancing Resource Centre
Who pays for what when buying or selling?
Buying or selling a home is arguably one of the biggest things most people do in their life.
It is the case that you will pay some costs whether you’re buying or selling. There are many examples, such as the need to pay for relocation costs or even for conveyancing.
During the conveyancing process, it depends on whether you are a seller or buyer as to what you pay for. Let’s look at this a little more forensically
When it comes to selling your home, unless you are handling the sale yourself, it is important to ensure that you have considered marketing and agency commission costs. This can include costs for photography, using physical signage (such as a sign board) or printable pamphlets or even specialised digital software such as realestate.com.au® or domain.com.au® - whatever the case is, this can be a costly adventure.
Depending upon the method of sale, there may also be different costs involved. For example, a sale by auction may attract costs for a marketing campaign to ensure there are sufficient people bidding on your property.
These costs are notwithstanding the presentation of your home, and ensuring it is styled in a way that will maximise the return on investment.
Seller’s may also need to pay regulatory costs, legal costs, mortgage discharge costs and potentially even capital gains tax (CGT) depending upon several factors.
To consider average commissions rates across Australia, click here.
Buyers should always be prepared to have a sufficient deposit when making an offer to buy a property, followed by legal costs for the conveyance (including for searches), building and pest or even surveyor costs. In some cases, there are also fees payable to your incoming financier associated with your application for finance.
Although buyers do not pay advertising or marketing costs, there are also regulatory costs such as Stamp Duty payable to the Commissioner of State Revenue. Depending upon which State or Territory you are in, the rules differ and can be somewhat complex. In some cases, first home buyers may be eligible for an exemption or concession.
Why not use our estimation calculator to work out what your Stamp Duty should be by clicking here?
In some cases, depending upon whether a buyer is also selling, they may also face those costs, notwithstanding the relocation costs.
Moving forward into the future, most buyers will also face ongoing insurance costs, mortgage costs and even council and utility costs (rates, water, land tax and so on).
At settlement, outgoings (rates, body corporate fees if applicable and even water and access charges and so on) are also adjusted to determine who is liable for what.
Why not click here to get a 10 second, no-obligation, quote for your conveyancing costs with us?
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