The transfer costs are usually payable by the buyer, but these should not include the cost of preparing an agreement. If an agent is involved and each party has their own attorney, usually each will pay their own costs for the negotiation of the agreement. If there is no agent, then, since the seller is not paying agent costs, it is usual for the seller to cover at least a reasonable portion of the costs of preparing the agreement. Often both parties agree to pay their own legal costs for the negotiation.
The transfer costs include:
- transfer duty, unless VAT is payable. (see the VAT section)
- a fee to the conveyancers based on the recommended tariff of fees, which is in turn based on the purchase price;
- disbursement costs. (deeds office charges, rates clearance charges, postage and petties, etc)
A rough estimate of the costs can be found at file:///resources/18507
The costs of the purchaser’s due diligence are usually paid by the purchaser.
