How to Handle Settlement Costs When Selling by Owner in Australia

Selling your home by owner (FSBO – For Sale By Owner) in Australia can save you money on real estate agent commissions, but it also means you need to handle settlement costs yourself. Here’s a comprehensive guide to help you navigate these costs and get the necessary assistance from solicitors and conveyancers across different states in Australia.

1. Understanding Settlement Costs

Settlement costs are the expenses incurred during the finalization of a property sale. These can include:

Conveyancing Fees: Payment for the legal work involved in transferring property ownership.
Title Search Fees: Costs for verifying the legal ownership of the property.
Mortgage Discharge Fees: Fees for paying off any existing mortgage on the property.
Council Rates and Taxes: Pro-rata payment of council rates and land taxes up to the settlement date.
Adjustments: Adjustments for utilities and other ongoing costs.

2. Getting Assistance from Solicitors and Conveyancers

Each state in Australia has its own regulations and practices when it comes to property settlements. Here’s how you can get assistance in each state:

New South Wales (NSW): In NSW, you can hire a licensed conveyancer or a solicitor to handle the settlement process. Websites like LegalVision and Settled can help you find qualified professionals.
Victoria (VIC): Similar to NSW, you can choose between a conveyancer or a solicitor. The Law Institute of Victoria provides a directory of legal professionals.
Queensland (QLD): In Queensland, solicitors typically handle conveyancing. The Queensland Law Society offers a searchable database of solicitors.
South Australia (SA): Both conveyancers and solicitors are available. The Australian Institute of Conveyancers (SA Division) can help you find a licensed conveyancer.
Western Australia (WA): In WA, settlement agents are commonly used. These professionals specialize in property settlements but are not qualified to give legal advice ³ ⁴. The Department of Mines, Industry Regulation and Safety provides a list of licensed settlement agents ³.
Tasmania (TAS): You can hire either a conveyancer or a solicitor. The Law Society of Tasmania offers resources to find legal professionals.
Northern Territory (NT): Solicitors typically handle conveyancing. The Law Society Northern Territory provides a directory of solicitors.
Australian Capital Territory (ACT): Both conveyancers and solicitors are available. The ACT Law Society offers a list of legal professionals.

3. Steps to Handle Settlement Costs

Here are the steps to effectively manage settlement costs when selling by owner:

Hire a Professional: Engage a licensed conveyancer or solicitor to handle the legal aspects of the settlement. This ensures all paperwork is correctly completed and lodged.
Understand the Fees: Request a detailed quote from your conveyancer or solicitor, including all potential costs. This helps you budget accurately.
Prepare Documentation: Ensure all necessary documents, such as the contract of sale and title deeds, are ready and accurate.
Pay Outstanding Rates and Taxes: Settle any outstanding council rates, land taxes, and utility bills up to the settlement date.
Adjustments: Work with your conveyancer or solicitor to calculate adjustments for utilities and other ongoing costs.
Mortgage Discharge: If you have an existing mortgage, arrange for its discharge with your lender. This may involve additional fees.
Attend Settlement: On the settlement day, your conveyancer or solicitor will handle the exchange of documents and funds. Ensure you are available to address any last-minute issues.

Conclusion

Handling settlement costs when selling by owner in Australia requires careful planning and professional assistance. By understanding the costs involved and engaging the right professionals, you can ensure a smooth and successful settlement process. Remember to research and choose qualified conveyancers or solicitors in your state, and be aware that in WA, settlement agents are commonly used. With the right approach, you can confidently manage settlement costs and achieve a successful sale.

Watch the Step-by-Step Tutorial video below:

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List on allhomes.com.au
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List on SaleByHomeOwner.com.au
List on view.com.au + other sites
Add up to 35 images to your listing
Add up to 2 x Floor plans + Video
Login & Manage your listing 24/7
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Add your own Open Home times
You Receive all buyer calls & emails
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Receive expert advice from our Team of fully Licensed Agents
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What's included

1 x large ‘FOR SALE‘ Sign
‘SOLD ‘& ‘UNDER CONTRACT’ signs
($25 refunded if signs not needed*)
List on realestate.com.au
List on domain.com.au
No time limits, Listed until SOLD!
List on allhomes.com.au
List on Homely.com.au
List on Gumtree.com.au
List on SaleByHomeOwner.com.au
List on view.com.au + other sites
Add up to 35 images to your listing
Add up to 2 x Floor plans + Video
Login & Manage your listing 24/7
Unlimited printable brochures
All Residential, Rural & Land listings
“List Now, Pay Later” available*
Add your own Open Home times
You Receive all buyer calls & emails
Weekly Email Campaign Reports
Helpful On-page Tutorial videos
Customer Support & assistance
Receive expert advice from our Team of fully Licensed Agents
We ensure your listing is compliant with Real Estate Laws & regulations
No time limits, your property listed through our service until SOLD!
Open listing , You can cancel your listing with us at any time.
Use our Free AI tool to instantly craft the perfect ad write-up
One-time fee, No Commissions!
Full access to our ProShop – Build your own custom brochures, Signage, Open Home Signs, Photo Signs & Letterbox drop pamphlets
Not tech-savvy? Phone us & we’ll create your ad for you (Free)
Same-day listing, be online within a few business hours
Installation Screws for Sign included
Flexible payment options available – Direct bank transfer, Debit/Credit card, PayPal or over the Phone
Customise your Package with Add-ons & Upgrades at any time
Our Customers receive Exclusive Discounts on conveyancing, Contract preparation & legal fees via our partner page on conveyancing.com.au
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In addition to everything that’s included our ‘Gold Package‘ you also receive:

1 x ‘FOR SALE’ Sign (700×580)
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1 x large ‘Open For Inspection’ Flag
2 x ‘OPEN HOME’ directional signs
Screws & ties for installation
Express postage via Australia Post

You also receive:

List on realestate.com.au
List on domain.com.au
No time limits, Listed until SOLD!
List on allhomes.com.au
List on Homely.com.au
List on Gumtree.com.au
List on SaleByHomeOwner.com.au
List on view.com.au + other sites
Add up to 35 images to your listing
Add up to 2 x Floor plans + Video
Login & Manage your listing 24/7
Unlimited printable brochures
All Residential, Rural & Land listings
“List Now, Pay Later” available*
Add your own Open Home times
You Receive all buyer calls & emails
Weekly Email Campaign Reports
Helpful On-page Tutorial videos
Customer Support & assistance
Receive expert advice from our Team of fully Licensed Agents
We ensure your listing is compliant with Real Estate Laws & regulations
No time limits, your property listed through our service until SOLD!
Open listing , You can cancel your listing with us at any time.
Use our Free AI tool to instantly craft the perfect ad write-up
One-time fee, No Commissions!
Full access to our ProShop – Build your own custom brochures, Signage, Open Home Signs, Photo Signs & Letterbox drop pamphlets
Not tech-savvy? Phone us & we’ll create your ad for you (Free)
Same-day listing, be online within a few business hours
Installation Screws for Sign included
Flexible payment options available – Direct bank transfer, Debit/Credit card, PayPal or over the Phone
Customise your Package with Add-ons & Upgrades at any time
Our Customers receive Exclusive Discounts on conveyancing, Contract preparation & legal fees via our partner page on conveyancing.com.au
Average owner saves between $17,000 – $30,000+ in commission*

(normally $1,999)

What's included

In addition to everything that’s included our ‘Platinum Package‘ you also receive:

Professional Photography
Large 1800 x 1200 PHOTO SIGN
50 x A4 Gloss Property Brochures
‘SOLD ‘& ‘UNDER CONTRACT’ signs
1 x large ‘Open For Inspection’ Flag
2 x ‘OPEN HOME’ directional signs
Screws & ties for installation

You also receive:

List on realestate.com.au
List on domain.com.au
No time limits, Listed until SOLD!
List on allhomes.com.au
List on Homely.com.au
List on Gumtree.com.au
List on SaleByHomeOwner.com.au
List on view.com.au + other sites
Add up to 35 images to your listing
Add up to 2 x Floor plans + Video
Login & Manage your listing 24/7
Unlimited printable brochures
All Residential, Rural & Land listings
“List Now, Pay Later” available*
Add your own Open Home times
You Receive all buyer calls & emails
Weekly Email Campaign Reports
Helpful On-page Tutorial videos
Customer Support & assistance
Receive expert advice from our Team of fully Licensed Agents
We ensure your listing is compliant with Real Estate Laws & regulations
No time limits, your property listed through our service until SOLD!
Open listing , You can cancel your listing with us at any time.
Use our Free AI tool to instantly craft the perfect ad write-up
One-time fee, No Commissions!
Full access to our ProShop – Build your own custom brochures, Signage, Open Home Signs, Photo Signs & Letterbox drop pamphlets
Not tech-savvy? Phone us & we’ll create your ad for you (Free)
Installation Screws for Sign included
Flexible payment options available – Direct bank transfer, Debit/Credit card, PayPal or over the Phone
Customise your Package with Add-ons & Upgrades at any time
Our Customers receive Exclusive Discounts on conveyancing, Contract preparation & legal fees via our partner page on conveyancing.com.au
Average owner saves between $17,000 – $30,000+ in commission*

(normally $965)

What's included

1 x ‘FOR SALE’ PHOTO SIGN – Smaller version for self-installation
Custom designed Photo Sign printed on weather & fade resistant outdoor Plastic with vivid full-colour printing.
Can easily be installed in front yards, on fences, vacant blocks of land or Unit/Townhouses
List on realestate.com.au
List on domain.com.au
No time limits, Listed until SOLD!
List on allhomes.com.au
List on Homely.com.au
List on Gumtree.com.au
List on SaleByHomeOwner.com.au
List on view.com.au + other sites
Add up to 35 images to your listing
Add up to 2 x Floor plans + Video
Login & Manage your listing 24/7
Unlimited printable brochures
All Residential, Rural & Land listings
“List Now, Pay Later” available*
Add your own Open Home times
You Receive all buyer calls & emails
Weekly Email Campaign Reports
Helpful On-page Tutorial videos
Customer Support & assistance
Receive expert advice from our Team of fully Licensed Agents
We ensure your listing is compliant with Real Estate Laws & regulations
No time limits, your property listed through our service until SOLD!
Open listing , You can cancel your listing with us at any time.
Use our Free AI tool to instantly craft the perfect ad write-up
One-time fee, No Commissions!
Full access to our ProShop – Build your own custom brochures, Signage, Open Home Signs, Photo Signs & Letterbox drop pamphlets
Not tech-savvy? Phone us & we’ll create your ad for you (Free)
Same-day listing, be online within a few business hours
Installation Screws for Sign included
Flexible payment options available – Direct bank transfer, Debit/Credit card, PayPal or over the Phone
Customise your Package with Add-ons & Upgrades at any time
Our Customers receive Exclusive Discounts on conveyancing, Contract preparation & legal fees via our partner page on conveyancing.com.au
Average owner saves between $17,000 – $30,000+ in commission*

(normally $399)

What's included

List on Homely.com.au
List on view.com.au
List on salebyhomeowner.com.au
No time limits, Listed until SOLD!
Add up to 35 images to your listing
Add up to 2 Floor plans
Login & Manage your listing 24/7
All Residential, Rural & Land listings
“List Now, Pay Later” available*
You Receive all buyer calls & emails
Helpful On-page Tutorial videos
We ensure your listing is compliant with Real Estate Laws & regulations
Open listing , You can cancel your listing with us at any time.
One-time fee, No Commissions!
Not tech-savvy? Phone us & we’ll create your ad for you (Free)
Same-day listing, be online within a few business hours
Flexible payment options available – Direct bank transfer, Debit/Credit card, PayPal or over the Phone
Receive Exclusive Discounts on conveyancing, Contract preparation & legal fees via our partner page on conveyancing.com.au
Average owner saves between $17,000 – $30,000+ in commission*

(normally $1,400)

What's included

1 x Large 1800 x 1200 ‘FOR SALE’ PHOTO SIGN
Custom designed & Professionally installed on the property (in Metro locations)
List on realestate.com.au
List on domain.com.au
No time limits, Listed until SOLD!
List on allhomes.com.au
List on Homely.com.au
List on Gumtree.com.au
List on SaleByHomeOwner.com.au
List on view.com.au + other sites
Add up to 35 images to your listing
Add up to 2 x Floor plans + Video
Login & Manage your listing 24/7
Unlimited printable brochures
All Residential, Rural & Land listings
“List Now, Pay Later” available*
Add your own Open Home times
You Receive all buyer calls & emails
Weekly Email Campaign Reports
Helpful On-page Tutorial videos
Customer Support & assistance
Receive expert advice from our Team of fully Licensed Agents
We ensure your listing is compliant with Real Estate Laws & regulations
No time limits, your property listed through our service until SOLD!
Open listing , You can cancel your listing with us at any time.
Use our Free AI tool to instantly craft the perfect ad write-up
One-time fee, No Commissions!
Full access to our ProShop – Build your own custom brochures, Signage, Open Home Signs, Photo Signs & Letterbox drop pamphlets
Not tech-savvy? Phone us & we’ll create your ad for you (Free)
Same-day listing, be online within a few business hours
Installation Screws for Sign included
Flexible payment options available – Direct bank transfer, Debit/Credit card, PayPal or over the Phone
Customise your Package with Add-ons & Upgrades at any time
Our Customers receive Exclusive Discounts on conveyancing, Contract preparation & legal fees via our partner page on conveyancing.com.au
Average owner saves between $17,000 – $30,000+ in commission*