What are costs involved in purchasing a property?
When purchasing a property, there are various costs involved that need to be taken into consideration, such as transfer duty, bond registration costs, and conveyancer fees.
Transfer duty is tax paid to the government for the transfer of the property into the buyer's name and are typically calculated based on the purchase price of the property. Bond registration costs are fees paid to register a mortgage bond over the property, which is typically paid by the buyer if they're obtaining a bond to finance the purchase. Conveyancer fees are costs associated with the services provided by the conveyancer, such as drafting and reviewing legal documents.
Generally, the buyer is liable to pay for all of these costs, although some costs may be negotiable as part of the sale agreement. It's important to factor these costs into your budget when planning to purchase a property, as they can add up quickly and may have an impact on your affordability.
I hope that helps! Let me know if you have any further questions.