Solicitor:
Your solicitor is the most important partner (even more so than your mortgage broker!) in the purchase of a property. The legal advice on the land itself, the purchase process, and the mortgage/loan documentation can be invaluable.
The total cost of a purchase (transferring your name/s onto the title, and registration of the mortgage from the Lender) should be approx. $1000 – $1,300 incl. GST and disbursements (such as search and registration fees). The cost may increase if there is additional time spent on the title, or other issues relating to the property type or ownership entity (e.g. Family Trust).
Please note: your solicitor is also instructed by the Lender. All documentation for the Home Loan and mortgages will be sent to your solicitor who will become the central “clearing house” for the mortgage advance and the balance of the purchase price. Your solicitor will then guide you through the Loan Documentation at a meeting a few days prior to settlement.
Insurance Advice
Lenders will require insurance cover on the property as part of their security. Confirmation of this cover will need to be provided to your Solicitor prior to settlement.