What exactly are the benefits of using expensive conveyancers?
I've received a number of quotes and the fees range between $385 inc GST and $770 inc GST.
The only additional fee on top of the $385 one is a $25 search and the $700 doesn't include the search or $143 worth of disbursements.
The transfer is pretty simple. There is no motgage and no money will be exchanged.
Why would you use a conveyancer? Use a lawyer as it sounds like you need legal advice.
Why is no money being exchanged? What are the various legal implications of this – bankruptcy clawbacks, estate planning. eg. if you die within 3 years the transfer could be voided in some circumstances. If the transferor goes bankrupt the transaction could be undone – possibly indefinitely.
Tax implications….
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
What an eye opener. Thank you! Had no idea about any of that!!!
by the way, the property is being gifted by parent to the child.
not_so_lucky wrote:What an eye opener. Thank you! Had no idea about any of that!!!by the way, the property is being gifted by parent to the child.
Consider this:
1. What if the child were to later get divorced
or
2. What if the child were to go bankrupt?3. child died – would pass via child’s will or intestacy laws
If the parent kept the property but let the child use it as their own it may work out much better. The parent could leave the property to the child in the will.
But, what if the parent
1. Went bankrupt
2. divorced/separated
3. had their will challenged.Sounds simple but many things to think about.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thank you Terry
Unfortunately, there is no other choice but to transfer the property, for various reasons.
Are you able to tell me more about the transfer being voided, or where I can read more about this, and if it will apply to us?
If anyone has any feedback on the benefits of using expensive over cheaper conveyancers it would be greatly appreciated.
There is a reason why the services of certain professionals (any professional) is cheap.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
I know of conveyancers that do an excellent job and their fees would be considered cheaper than others.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Lawyer can give you better advice instead of conveyance because conveyance is a process and many people have some skills but a lawyer is thinking all about the ups and downs so I prefer Lawyer.
Geeze Edwin – you need to do something with your avatar. I almost had a seizure!
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
not_so_lucky wrote:Thank you TerryUnfortunately, there is no other choice but to transfer the property, for various reasons.
Are you able to tell me more about the transfer being voided, or where I can read more about this, and if it will apply to us?
It will apply to you, but the laws are different depending on why and how you are transferring. You should look at the bankruptcy act s120, 121 and 121A and also conveyancing act for the state the property is in – can’t remember which section off the top of my head.
If you had just went to a conveyancer you wouldn’t have found this out.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
If it's a simple transaction a conveyancer can be fine. But if something goes wrong you need to get a lawyer involved.
In your case I would get a lawyer to ensure it was done correctly.
Thank you so much for that!!!
Conveyancers are great for the 'straight forward' transactions.
I personally always use a solicitor, who charges me about $900 (mate's rates, he usually charges more). However he has on more than 1 occasion, proved himself worth the money.
Also his background as a developer means I receive the occasional gold nuggets of wisdom free of charge.
Thanks everyone!!!
There are some solicitors who have 'in-house' conveyancers. The conveyancer does all the footwork and you are charged the conveyancer rates. If anything gets sticky or further advice is required, the solicitor comes in to provide that specific advice and you are only charged the solicitor rates for that specific advice
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
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