NSW | New Unit Purchase Costs

Hey all,

Cant say I've ever bought a new build. I had this question from a friend who was wondering what a good ballpark figure was.

Any thoughts on a range?

When is the solicitor taking liberties?

$3K
$4K
$5K?

Cheers,

XBenX

 

Conveyancers are going to generally charge less than solicitors but have less ability to chase damages, etc when things go wrong.

Conveyancer ballpark = $1,500 to $2,000

Solicitor ballpark = $2,200 to $3,500 (could be higher though depending on the level of comms required).

If he doesn't have a clue about building then I would recommend getting a building inspection even if the property is new and as they will be able identify any issues and the best time to raise these issues is prior to settlement.

 

I see lots of solicitors / conveyancer settlement docs and some conveyancing focussed solicitors charge around $1700+ disb so final costs are often in range $2000.

This is not greatly different to conveyancers who anecdotally are often in similar range excepting issues perhaps slightly cheaper but nothing too major. Then many conveyancers will hand you over to a solicitor if a legal issue develops (ie delays, issues with title, registration delays, default, OTP problems or contract matters) and costs start from $0 and go up. The solicitor that encounters these issues will continue to deal with the matter and its often cheaper and more effective.

I also know someone who encountered major legal issues and not only did the lawyers charge for advice the conveyancers smacked the fees up too. They regretted not having it all handled by the solicitor.

The biggest costs are solicitors who arent conveyancing focussed. They are obliged to issue a costs agreement of course.

 

What is this for?

Conveyancing? Generally new or old would be similar price. If they want advice on construction contracts as well as the conveyancing it could be must more depending on the scope of the work.

When I was working for a firm as a new lawyer we charged $8,000 for a standard conveyancing residential matter - and the client was another lawyer.

 

Conveyancing.

I wasnt sure if there was any specific costs that related to the "new" part of the purchase.

Thanks for all the replies everyone.