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  • Writer's pictureDiane Davidson

Expenses you are Likely to Encounter with your Purchase

Pre Offer

· Lawyer’s cost to preview and approve your Sales & Purchase agreement

Some will charge and some include this service as part of their package (i.e: they may check three or four before you secure a property and you will not incur extra cost).

Conditional Period

· Building Report (If not supplied by the Owner)

Your salesperson will be able to refer you to a building inspector or it may be that your bank prefers to use a specific inspector (check with them first). This will be at your cost - generally in the region of $750 - $850.

· Valuation (If under 20% deposit)

Your bank will organise a valuer on your behalf and liaise with the listing agent regarding access to the property. This will be at your cost – generally around $900

· LIM Report – Land Information Memorandum (If not supplied by the owner)

This report will feature all information on the land and surrounding area of the property you are considering. It will tell you if the property has a CCC (Code Compliance Certificate if built 1992 or later) and it will give you insights into communications with council, upcoming developments etc.

This will be at your cost – approx. $313 – for a 10 day LIM

· Toxicology Report (If deemed necessary)

A report showing levels of toxicity for drugs such as methamphetamine. Often undertaken by your building inspector but also available to be done by specialists. This will be at your cost – From $189

· Asbestos Report (If deemed necessary for homes built 1983 or earlier)

Your salesperson can organise a specialist to take scrapings from materials used in the home to ascertain whether asbestos is present. This will be at your cost – approx. $160

Settlement Period

· Lawyer / Conveyancer Fee

Fees range wildly with major law firms being at the higher end of the scale. Using a respected conveyancer can be the cheaper option. This will be at your cost - in the range of $1400 - $2500.

· Rates Disbursement

The previous owner will have paid rates that will be apportioned for the time they owned the home. The balance will be payable by you for the period following sale.

· Houseowners & Householders Insurance

Your salesperson, your bank or your broker will all be able to offer suggestions for your insurance needs and again, it would be prudent to check a few before deciding on a company as premiums and excesses will be different for each.


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