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Cheapest Is Not Always Best

Selling and Buying property is one of the biggest decisions you will make in your lifetime, and usually the most expensive. The Conveyancing process is one of the most important parts, yet it is given very little consideration.

The Conveyancing industry has recently gone through some massive changes and the deregulation of fees has created a very competitive market. With this, came the advertised “flat fee“ for conveyancing which may well have produced the first evidence of companies closing down.

The Australian Financial Review reported the embattled law firm Slater and Gordon will be shutting down the conveyancing arm of the business, which will affect around 70 staff nationally.

This company entered the conveyancing market in a blaze of price promise, and similar to a few of the discount type operators they offered sellers from $470 and Buyers from $660.

But clear evidence of dissatisfaction has set in when the small print was read, in the form of the “Product Disclosure statement“… that’s if you got to read this document before you made your decision.

Like some airlines the small print doesn’t allow you to take baggage, that will cost you an extra $50.00… and so the extras would climb in costs and fees, till ultimately the cost was far more than the original lured fee.

Like the response of the real estate industry to Purple Bricks, the key is, and always will be service.

Settlement fees: Some warnings and simple explanations

When comparing quotes – it is important to understand that while the ‘settlement fee’ is the fee to be negotiated and compared, statutory costs cannot be negotiated.

Research has discovered – that the ‘Big 3 Discounters’ in our industry only provide quotes for what they class as a ‘standard settlement’ and fall short of explaining some of their real fees. Only with research of their Product Disclosure Statements will you discover examples of extra costs to be charged similar to the following.

Description of work

To visit a client in their home to have documents signed – $185.00

Lodge contract for OSR assessment – $70

If finance Is declined and the file closed  – $205

Identify the client in the office – $39

Bank the proceeds of your sale – $15

Attend to rent adjustment – $205

Assist parties to prepare an Offer & Acceptance – $185

Longer than 20 minutes of consultation – $385 per house

Rebook & attend settlement up to 3 times – $220 each time

(These examples are taken from a range of product disclosures.)

 

At Settlementtalk , the costs of this work are included in the fee!

As a CPC (Certified Practising Conveyancer), PEXA accredited EConveyancing office, and Award Winning Company,  our Team has the leadership skills and wealth of knowledge to provide professional, friendly, stress service from start to finish.

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