The Benefits Of Hiring A Conveyancer As You Buy Property
Buying a home can be a taxing experience for first-time buyers. Conveyancers are lawyers that help out with all aspects of property purchasing. This article discusses the benefits of hiring a conveyancer as you purchase a property.
Due Diligence
Assessing property documents can be nerve-wracking if you do not have a legal or real estate background. Your conveyancer will:
Contact the local lands office to assess the authenticity of the property title. He or she will also check the department's records to check whether the area is earmarked for mining works. Besides, the conveyancer will ensure the area does not have land contamination.
Check zoning regulations to ensure the area is zoned for residential developments.
Your conveyancer will check the certificate of occupation provided by the certifier. If the property has been renovated, the professional will ask for a renovation permit. Besides, he or she will ensure that the contractor complied with the building code.
The conveyancer will assess owners association bylaws if the property is located in a strata development. For instance, you may want to know the number of parking slots allocated to each resident, what the prohibited behaviours are and how much you will pay to maintain common property.
Bargaining The Asking Price
Your conveyancer will appraise and inspect the property on sale. He or she will conduct some research to ensure that the asking price is within market rates. Experienced conveyancers are equipped with a wide range of negotiation skills to compel the seller to reconsider the asking price. For example, they could use property defects to argue that the asking price is too high. Besides, the conveyancer could wait until the low season when property prices drop.
Negotiating The Mortgage
Your conveyancer will help out with the mortgage application process. Typically, he or she will assess your finances, personal situation and real estate trends to determine a suitable loan. For example, a low-documentation loan is ideal if you have a bad credit history. On the other hand, a fixed-rate mortgage allows you to lock in a low-interest rate. The conveyancer will contact your bank and negotiate the mortgage interest rate.
Negotiating The Terms Of Sale
The conveyancer will ensure that the contract of sale has reasonable terms. For instance, it should compel the seller to renovate the property. Besides, it should prevent the seller from accepting other offers. The conveyancing professional will bargain the initial deposit if you do not have sufficient funds.
When buying a property, a conveyancer will conduct due diligence, negotiate the asking price, mortgage and terms of sale.
