Property guidance by Quay Law
Property guidance by Quay Law
Unit title guidance from Quay Law
Ian Mellett, Barrister and Solicitor, Quay Law
You should know the cost of your conveyancing before you commit to it. This page sets out where our fees typically start, why unit title transactions can cost more and how to obtain a quote for your own purchase or sale.
A typical purchase transaction will normally start at around $1,800 plus GST and LINZ disbursements.
A typical sale transaction is normally around $1,650 plus GST and LINZ disbursements.
These figures are a rough guide to where fees start. The final fee depends on the circumstances of your transaction.
Transactions involving unit titles can carry an additional cost, because there are more things to check. This includes the unit title disclosure requirements, three years of AGM and committee minutes, the body corporate financial statements, the long term maintenance plan and the various matters that flow from them.
Our fee reflects a proper review of these documents rather than a quick check. If we identify issues that require significant additional work, we will let you know that the work is additional to the typical fee.
A purchase has two phases, and our fee covers both.
Every purchase begins with an initial conversation, which takes you through the process and how things work. We always recommend that the Agreement for Sale and Purchase is reviewed by us before it is signed, and this is discussed in that first conversation.
When the agreement arrives, we review it and correspond with you about satisfying the conditions, providing legal input where it is needed. In a unit title purchase, this includes reviewing the disclosure statement, the AGM and committee minutes and the other body corporate documents. Once the conditions are satisfied, we confirm to the vendor’s solicitor that the agreement is unconditional.
In the second phase, your mortgage broker, if you have one, plays a vital role with the bank. The bank sends the loan documents to us, and we prepare them together with the land transfer documentation, the residential land statement and the other documents required. We arrange for you to sign them and return the loan documents to the bank.
During this phase we also let you know the amount of any contribution you need to pay into our trust account before settlement. We then complete settlement and register the transfer.
We often recommend that sellers let us review the agreement before they sign it. There may be less risk as a vendor than as a purchaser, but a review at that stage can still avoid problems later.
Once the agreement is signed, we deal with the purchaser’s solicitor on the conditions and their satisfaction. When the agreement goes unconditional, we apply to your bank for a discharge of your mortgage. We then prepare the settlement statement, which includes the apportionment of council rates and, for a unit title, body corporate levies, and send it to the purchaser’s lawyer before settlement.
Some transactions raise issues that require extensive dealings. Examples include significant concerns arising from a LIM report, a building report or, in a unit title, the body corporate documents. Where dealing with these issues involves additional time and attendances, there will be an additional cost.
The same applies whether we act for a purchaser or a vendor. We will let you know when work is additional, so that you are aware of what is happening at each stage of the transaction.
Disbursements are costs we pay to third parties on your behalf. In a typical transaction, these are the LINZ registration and search fees, which are charged in addition to our fee.
The best way to obtain a closer quote is to complete our enquiry form. We will call you back to discuss your transaction and give you a quote that reflects your circumstances.
Any prices, inclusions, exclusions and additional work described on this website are a guide only and will be handled on a case by case basis. Our terms and conditions apply to every engagement, and the team will send you a copy of our terms and conditions when you instruct us.
Contact Quay Law about your unit title purchase or sale in Auckland. Send us your agreement and disclosure statement for review before you sign.
A clear guide to buying an apartment or townhouse on a unit title in Auckland, from the disclosure statement through to settlement, from Quay Law.
A guide for Auckland sellers of apartments and townhouses on unit titles, covering disclosure obligations, timing and settlement, from Quay Law.
Complete our enquiry form for a closer quote before you commit to your purchase or sale.
If you are buying or selling a unit title property in Auckland, we recommend speaking with us before you sign an agreement. Contact Ian Mellett at Quay Law, Barrister and Solicitor, by completing our enquiry form below, or call us on 09 523 2408.
The information on this page is provided for general information purposes only and is not legal advice. Every transaction is different, and all matters should be discussed with the team at Quay Law.