Welcome to
Adelaide Conveyancing

Frequently Asked Questions

Conveyancing fees and other expenses such as stamp duty are capital costs incurred in the buying or selling of a property. As such, they cannot be claimed as deductions against tax. They are different to the costs of owning an investment property, which can be claimed against tax.

If it is an investment property you are buying or selling rather than one where you’re living, the costs can’t be claimed immediately against tax. However, they do form part of the cost base for owning the property so that, when a property is sold, the expenses, including conveyancing fees, can be used to reduce the amount of capital gains tax payable.

Buyers and sellers must both pay conveyancing fees, the amount normally being calculated as a percentage of the property’s selling price. Conveyancing companies operate differently, and the payment rules may vary. The most common method is for a company to require an upfront deposit to cover some of the fees and expenses. The balance is then due on exchange of contracts or on completion, covering all fees and expenses.

Any mortgage fees will tend to be billed over the course of the mortgage repayments and so are effectively added to the mortgage. Conveyancing fees are different, however, and cannot be absorbed into the mortgage amount. You will need to find another source of finance to pay them.

Conveyancing is a complicated business that has to conform to legal requirements and satisfy contractual conditions. It requires complex documents to be prepared, submitted and approved, property searches to be undertaken, payments to be made and the actions of various parties coordinated so everything happens correctly and on time. As a result, the whole process from the signing of contracts to final completion can take anything from four to sixteen weeks, with even the most straightforward sale taking up to eight weeks.

The process can become extended if there is a long buying chain since one buyer experiencing problems can disrupt the process and cause delays down the line that can amount to several days or even weeks. It is legally possible for buyers and sellers to handle conveyancing themselves, but this is likely to cause delays. Professional conveyancers are experienced and knowledgeable, have access to contacts and the latest technology and techniques, and are generally adept at overcoming problems and minimising delays.

Conveyancing is crucial for several reasons. Primarily, it ensures the legal transfer of property ownership from the seller to the buyer. This legal conformity is vital; without proper conveyancing, the transfer might not meet legal standards or contractual conditions, leading to a failed transfer of ownership.

Additionally, the complexity of conveyancing demands expertise and experience. Engaging a professional in this process guarantees smooth progression and helps avoid or resolve potential issues that could otherwise cause delays or complications. This expertise is key to navigating the intricacies of property transfer, ensuring that all legal and contractual obligations are met efficiently.

Conveyancing solicitors are responsible for managing the legal aspects of transferring property ownership from a seller to a buyer. Their role encompasses conducting property searches, preparing and submitting legal documents such as the Form 1 Disclosure Statement, and ensuring that all legal and financial requirements are met. They also offer guidance throughout the process and communicate with all involved parties to facilitate a smooth transaction, playing a vital role in the success of the property transfer.

Welcome to
Adelaide Conveyancing

Since 1987, we have been providing exceptional residential and commercial conveyancing services throughout Adelaide.

We pride ourselves on our professionalism and you can have peace of mind knowing we’re here to guide you through the process.

We will give you quality advice you can trust whilst protecting your interest at all times.

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