A conveyancer is a vital aspect of the property-buying process. He or she handles the paperwork and legal procedures associated with property purchase. Below are some essential services you will receive from an experienced conveyancer.
The conveyancer will conduct a formal appraisal to determine the value of the property. The size of the plot, its location, available amenities and quality of fixtures are vital considerations when calculating the value of the property. When buying run-down homes, the conveyancer will recommend some return on investment projects. For instance, repainting the exterior and creating a good landscape are sure ways to make the property attractive to buyers.
Your conveyancer should conduct some background research to understand zoning regulations and building laws. Typically, the seller should provide a certifier's report to prove that the contractor followed the building code. He or she should also provide swimming pool licences and extension permits if the property has had significant renovations. Strata and resident association bylaws may restrict certain types of fences or installations on the property. As such, the conveyancer will examine these regulations to ensure the property meets the required standards.
Pre-Purchase Property Inspection
A property inspection helps you identify property defects. These may include dangerous materials such as asbestos, wrapped foundations, cracked slabs, faulty drainage systems and leaking roofs. The inspection will also examine the energy efficiency of the house and the condition of internal and external fixtures.
Contract of Sale
The conveyancer will negotiate the terms of the contract of sale. For instance, he or she will ensure you have adequate time to conduct a house inspection and organise property financing. If the property has significant defects, you should have the right to cancel the deal and receive your down payment. The contract should also prevent the seller from receiving offers from other parties before the closing date.
An experienced conveyancer will advise which kind of home loans you should consider. For instance, low-doc loans are ideal for people that have a poor credit rating. Shared equity and interest-only mortgages are suitable for people that would want to flip the property. The conveyancer will also advise how you can reduce extra payments when taking the home loan. For example, most banks will not charge insurance if you have over 20% of the cost in the initial deposit. Your conveyancer should also negotiate interest rates and repayment terms with your bank.
Remember to conduct some due diligence when hiring your conveyancer. He or she must have an operating licence. Excellent reviews from former clients will help increase your confidence in the conveyancer's services. Reach out to a professional who provides conveyancing services to learn more.Share