Additional conveyancing costs. Am I being ripped off?

I was quoted $590 to settle on a recently purchased IP from a conveyancer. I've just received their bill and it's almost $1,000. They do claim $590 plus disbursements plus out of pocket expenses, but this transaction has been a smooth one. It's a typical stock standard house in a residential area so nothing special about this particular block of land and no problems or issues to date.

Am I being ripped off? I have asked for a breakdown of these additional "disbursements", which I am waiting for.

Is this normal practise or am I being taken for a ride?
 
Hey Bludger,

I usually pay around $1,000 however that is for my solicitor who not only undertakes the conveyancing but also part of my DD and advises on contract items, terms etc.

Not sure what others feel however for straight conveyancing, sounds a bit rich.
 
I was quoted $590 to settle on a recently purchased IP from a conveyancer. I've just received their bill and it's almost $1,000. They do claim $590 plus disbursements plus out of pocket expenses, but this transaction has been a smooth one. It's a typical stock standard house in a residential area so nothing special about this particular block of land and no problems or issues to date.

Am I being ripped off? I have asked for a breakdown of these additional "disbursements", which I am waiting for.

Is this normal practise or am I being taken for a ride?

Are the said "disbursements" actually the balancing charges for council rates, water, etc?
 
The price seems very fair to me. most Solicitors?Conveyancers charge a fee plus searches. It is the searches part which can cost as each search is done through Council and they are not free. I am not a Solicitor so can't name them all but there would be a Main Roads search to ascertain if there was any likely hood of a resumption due to new roads. . Contaminated land, Sewer, Easements, Building approvals on the land, Title search to make sure the title is free of encumberences, and a Flood search to name just a few.
 
hi Bludger,

Most settlements I have had are over $1000. I often receive mail outs about conveyancing fees quoting @$500 for costs. I know this does not include disbursements. That's where they get you!;)

Regards Jo
 
Bludger. I suggest that you read the fine print before you jump in to a well worded tout for business.

Our fixed fee conveyancing charges start from $770.

But this part amused me:-

We have no "sweetheart" arrangements with estate agents (many conveyancers and conveyancing lawyers rely on referrals from estate agents on a "you look after me, and I'll look after you" basis.)

Talk about suggestive advertising. I personally don't know any Agents who either get a kick back for referring a Solicitor or have any sort of sweetheart deal. In Queensland any such action must me noted on the Agents Disclosure Statement Form 27c.
 
We have no "sweetheart" arrangements with estate agents (many conveyancers and conveyancing lawyers rely on referrals from estate agents on a "you look after me, and I'll look after you" basis.)

Talk about suggestive advertising. I personally don't know any Agents who either get a kick back for referring a Solicitor or have any sort of sweetheart deal. In Queensland any such action must me noted on the Agents Disclosure Statement Form 27c.
Can i just ask how long have you been selling real estate in Queensland..
willair..
 
Bludger. I suggest that you read the fine print before you jump in to a well worded tout for business.

Our fixed fee conveyancing charges start from $770.

But this part amused me:-

We have no "sweetheart" arrangements with estate agents (many conveyancers and conveyancing lawyers rely on referrals from estate agents on a "you look after me, and I'll look after you" basis.)

Talk about suggestive advertising. I personally don't know any Agents who either get a kick back for referring a Solicitor or have any sort of sweetheart deal. In Queensland any such action must me noted on the Agents Disclosure Statement Form 27c.

Same in NSW. I have one conveyancer who i will often recommend if asked because i know if she is on the deal it will run smoothly and i wont have to chase her for anything! and i know from using her myself that it would cost $1000 -$1500 for a normal deal.
 
Can i just ask how long have you been selling real estate in Queensland..
willair..

Hi Willair, I started selling Property in 1977 in Capalaba and continued till 1984 when we couldn't find any Banks that would lend, had a break and joined LJ Hooker in 1991 in Coorparoo, Bought a share in the Hooker office in West End in 1995 and sold it in 2001 and joined Remax and have been there ever since. So I guess 20 years over three decades.
 
But this part amused me:-

We have no "sweetheart" arrangements with estate agents (many conveyancers and conveyancing lawyers rely on referrals from estate agents on a "you look after me, and I'll look after you" basis.)


Hiya,

See also: http://www.lawyersrealestate.com.au/

If that's not a "sweetheart" arrangement, I don't know what is.

And no, I've never seen an agent get a kickback from a conveyancer, either. Most that I know just prefer to work with one that is easy to communicate with so that everything happens smoothly.

As a general rule, I much prefer to pay for a good service than take my business to a discount firm or agency, anyway. Realistically, that couple of hundred dollars that you're upset about is rather small in the overall scheme of things. Perhaps they didn't explain their pricing structure as well as they should have, but seriously, it's not worth worrying too much about.

Cheers

James.
 
Hi Willair, I started selling Property in 1977 in Capalaba and continued till 1984 when we couldn't find any Banks that would lend, had a break and joined LJ Hooker in 1991 in Coorparoo, Bought a share in the Hooker office in West End in 1995 and sold it in 2001 and joined Remax and have been there ever since. So I guess 20 years over three decades.
That's good to know you would have seen several economic cycles over that period ,at what stage do you think we are in inner Brisbane everything seems to have slowed down in the sales,more listings how do you see the next 2 years in Brisbane.. ..BTW welcome to the fourm..willair..
 
Hi Willair and thank you for the welcome.

As you can see by my signiture, I specialise in Unit/Townhouse sales in West End so can not give a full picture as my research is centered on my specialty.
As you are probably aware House sales in this area are thin on the ground and going for huge prices. Not sure that you can buy much under $600K (Million dollar sales seem to be the norm) unless it's on the main road.

As for Units, you are quite correct, there does seem to be a lot on the market at present (143 in fact). Most of the cheaper ones ($225K to $399K) are either in Hotels/Motels or Student accomodation buildings there are 13 over 1 million and a further 5 at 2 to 3 million. 43 between $550 and $900K and 39 between $400 and $550K. In 2007 there were just over 500 Unit sales in the postcode of 4101 and this year to date there have been 98. It looks like we will have difficulty getting half way. So statistically sales are down but interestingly some record prices are still being achieved. If the property has some feature that sets it apart from the bunch it will sell.

I believe that rents have to rise significantly over the next six months combined with a small reduction in value in order to balance the equation. It is already happening, Units that we were selling for $520K are now selling for $480K (Those who must sell) in these same units rents have risen from $380/400 per week to $430/450 per week. At the moment I think that Owner Occupiers are picking all of the sweet deals as Investors wait for prices to come further back.

My picks for the emerging Suburbs over the next couple of years are Bowen Hills and Woolloongabba as both these areas are around $100k less than West End/South Brisbane and New Farm/Tenneriffe. There is also far less stock to choose from in these areas.
 
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