Posted on: 6 February 2020
Are you planning to purchase a home? Well, a conveyancing professional will help you with the legal aspects of the purchase. The article below discusses the work of a conveyancer when buying property.
The conveyancer will determine if you are getting value for your money. If the property is exorbitantly priced, he or she will advise you to look for an alternative. The conveyancer will also tell you what to look for in a home. For instance, proximity to roads and other public amenities such as hospitals and malls is a guarantee that the property's value will increase in the future. He or she may also advise you to wait until the season when property prices drop.
Due diligence involves the following:
- If the property has a company title, the conveyancer will examine its terms and conditions.
- The conveyancer will evaluate the extension and swimming pool permits.
- The conveyancer will check property records to determine previous use and any evidence of land contamination.
- The conveyancer will liaise with a building inspector to conduct a pre-purchase building inspection. The inspection evaluates the quality of workmanship, condition of interior fixtures and presence of pests.
- If you would want to purchase off-plan, the conveyancer will conduct some research to determine the company selling the property.
The conveyancer will help you choose a suitable home loan. For example, an interest-only mortgage has lower monthly repayments. It is a suitable choice for people that do not have instant cash to repay the loan. On the other hand, a bridging finance loan will allow you to purchase a new home before selling your current one.
Experienced conveyancers have long-term relationships with banks. As such, he or she will help you find a suitable lender and negotiate interest rates and repayment terms.
Contract of Sale
The conveyancer will negotiate the terms of the contract of sale. For instance:
- He or she will ensure the closing date gives you adequate time to conduct a house inspection and organise financing.
- The conveyancer will negotiate the amount of deposit.
- The professional will ensure that the contract compels the seller to undertake renovations.
- The conveyancer will identify the terms of contract termination. For instance, you should not incur any penalties if you are unable to secure financing.
A conveyancer will provide consultation services, conduct due diligence, help you secure financing and negotiate the terms of the contract of sale as you purchase a property. Work with a licenced, experienced and reasonably priced professional.Share