Is 2.8k Reasonable For Conveyancing Fees?
Is 2.8k reasonable for conveyancing fees? Property Expert, Dave Yong, from ERA Realty Network answers.
A reader asks:
I would like to sell my 4 room HDB flat at 430k. I understand that legal fees are part and parcel of a property transaction. My agent informed me that the legal fees will amount to 2.8k. Is this price a reasonable amount?
Dave Yong, theAsianparent property expert, replies:
Yes legal or rather conveyancing fees are indeed part and parcel of any property transaction and a lot of us wish we could skip this step! Jokes aside, many Singaporeans have doubts regarding the conveyancing fees they pay. Many of my clients have asked me the same question too.
To answer your question, the conveyancing fee for HDB resale flats is quite standard regardless of the type of flat you are buying or selling. Therefore, it does not matter if you own a 5 room flat as opposed to a 4 room one - the fee would be similar.
You mention that your agent has told you that your conveyancing fees will amount to 2.8k. I have observed through experience that most law firms charge anywhere between S$1200 and $1500 (excluding GST) for selling and $2100 (excluding GST & stamp fee) for purchasing. As such, I believe that 2.8k may be not be a reasonable amount to pay.
Answered By Dave Yong.
Dave is a senior team director certified in CEHA with ERA Realty Network Pte Ltd. As a full-time professional realtor who mentors a group of associates under his team, his success stories includes winning numerous awards such as Asia Pacific Elite award, Top Achievers awards, Million Dollar Club Producer awards, Top Manager awards and multiple testimonial letters!
Dave exemplifies great service. His transparency and dedication to his job has resulted in many satisfied local & foreign clients who continue engaging him for all their property needs. As a consultant to theAsianparent.com Dave is excited to assist Singapore parents on property trends and update them on polices related to the property market. Dave is a peoples’ person and enjoys communicating on a wide range of topics. He also enjoy sports and spending quality time with his friends and family.
You can also vistit his site at www.sinproperty.com