Costs commonly overlooked when buying a property

When purchasing a property you’re not just paying for the land.  There are other costs that you need to consider.

NSW government stamp duty is a significant expense and it applies each time a property is purchased. It’s roughly 5% of purchase price.  Please refer to our website for a stamp duty calculator.

The cost of legal fees should also be considered.  Legal fees will vary, depending on the type of property and complexity of the contract.  You will pay a minimum of about $5,000 on a small property and large aggregate properties might incur legal fees in the tens of thousands of dollars.  We recommend choosing a solicitor with experience in rural property transactions and with whom you feel comfortable.  Most solicitors in regional towns are skilled in conveyancing matters.

All rural property purchases are unique.  We recommend that you take the time to become fully informed about the specifics of your purchase.

Posted on Thursday, 05 January 2017
in Latest News
land purchasing costs legal fees stamp duty
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