Beware of the Hidden Costs
Ever heard the saying “you get what you pay for” – well in our experience that saying is very true when it comes to cheap conveyance quotes.
Don’t be fooled by low conveyance quotes – always ask exactly what you are getting for your money. Beware of hidden costs.
A conveyance quote is really made up of two things 1. Professional fees - the amount charged by the law firm to carry out the work and; 2. Searches and other disbursements (the amount paid to government organisations to conduct searches on your behalf to ensure you know exactly what you are buying or selling)
Clever marketing can sometimes make a quote look too good to be true and it normally is – probably because the firm are only quoting the professional fees and very few searches – if any. This can mean that you are often paying them the same amount in professional fees for a lot less work.
It’s very important to consider all the searches available to you. We have many horror stories from clients that have used other firms for their conveyance who haven’t completed all the necessary searches in the effort to save a few hundred dollars that end up coming to SPM Law to address major problems resulting from this. Ultimately this costs the client a lot more than the few hundred dollars they thought they were saving.
At SPM Law our job is to protect you and as such we advise you to complete all the necessary searches to ensure a smooth and safe transaction. Our solicitors discuss your particular property and can explain the reasons why various searches are so important. Remember this is money that we pay on your behalf to government organisations – we make no money on the searches.
Buying or Selling property is a significant event in any persons life so make sure you do it right.
Our advice is that communication is key. If you are shopping around for a conveyance quote then make sure you ask questions and read the fine print.
Changes to REIQ Contracts for Houses and Land coming in January 2022
The Real Estate Institute of Queensland (“REIQ”) and the Queensland Law Society (“QLS”) have announced that the new standard contracts for sales of houses, land and residential units will be released in late January. The changes have been introduced to resolve some issues faced by buyers and sellers when dealing with financial delays to settlement, in addition to updating a number of issues.View All News