Browse Forums Building A New House 1 Feb 14, 2009 7:17 am Hi can anyone give me a breakdown of the fees and charges we need to pay when we purchase a home?
1) stamp duty 2) legal fees ( what other legal fees i have to pay? is it just during the land settlement? if i have my own lawyer, i will pay the legal fees right? i dont have to pay the legal fees for the builder ? as im a bit confused when the sales person keep saying bout legal fees when i have my own lawyer. what other charges do u know of? Re: fees and charges 2Feb 14, 2009 7:55 am cococrunch,
Different states may be different, but in SA, purchaser pays: - pro-rata council rates - pro-rata Emergency Services Levy - pro-rata Water Rates - Conveyancer fee (legal fees) - Title search fee - Registration of Transfer - Stamp duty ChrisL Re: fees and charges 3Feb 14, 2009 9:57 am Your state government should have a website with stamp duty calculators.
Assuming you're borrowing money to buy your property, your bank will have to pay your title transfer fees and mortage stamp duty when they lodge the documents, so they should be able to tell you exactly what those amounts will be. They ought to be included in your loan contract documentation anyway, but if you're not yet at that stage, just contact your bank and ask. The only legal fees you ought to pay are to whomever you engage to do your conveyancing. That can vary a lot from one company to the next, but again, contact a few and ask what they charge. I think our conveyancer charged well under $1000 including all search fees and so on. Or was that for the sale of our old home...? There are also adjustments on any property purchase for items which are payable on the property or which have been paid in advance. The idea is to share them fairly between vendor and purchaser. Things like council rates, water rates, land tax and so on. So for example, if the current owner has paid the council rates for the entire year, then you will reimburse them for the portion that covers the period after settlement. Your conveyancer will work all those things out for you, so don't give yourself a headache over it. If it's an average suburban block, it's unlikely to be a huge amount. Acreage might be a different story.... The biggest cost is usually stamp duty on the land, but various states give first home buyers concessions, so it may not be too painful. The rest are usually small amounts, but can add up. It's always good to be prepared. Unless there were unforeseeable issues with the site, I dont think you should have to pay for contractors errors or poor planning. I'd probably try and be reasonable and… 5 4544 Is it just a report written to give to the bank initially and it is based on what and how your payments are made up for, or is it a full service where they go out and… 2 5604 0 19797 |