Do you intend to purchase residential property? A residential conveyancing company can examine the property to ensure you get value for your money. Below are five compelling reasons to hire a conveyancer as you purchase your home.
1. Follow Local Laws
You need to understand the laws of the area you intend to purchase the property. For example, when buying into a strata development, you may be restricted from playing loud music at night. Resident associations may impose an annual charge to maintain shared roads, drainage and recreational areas. When buying a retirement home, you would be interested to know whether you are allowed to sell the property privately. Zoning regulations may restrict certain developments. For example, they may prohibit storey buildings with more one upper floor.
2. Get a More Accurate Property Inspection
The conveyancer will examine property features such as the roof, drainage, kitchen, tiles, the landscape and bathrooms. It will help him or her appraise the property and know whether it is overpriced. The conveyancer can also give an approximate figure of how much you will spend on renovating the property. It is especially so if you intend to purchase run-down property.
3. Properly Examine Property Documents
The conveyancer will examine the authenticity of the property documents. For example, there are cases when the property is registered to a third party such as a former spouse, benefactor, trustee or investment company. If this is the case, the conveyancer will ensure that the seller has the right to sell the property. Further, they will check whether the seller has the required supporting documents to transfer the property to your name. The seller should also submit property renovation licences and swimming pool permits.
4. Handle Negotiations
Your conveyancer will negotiate the asking price on your behalf. They may use a variety of tactics ranging from hard bargaining to delay tactics to bring down the purchase price. They could also use the pre-purchase inspection report to ask for a price cut. For example, a house that is prone to flooding may require substantive repairs.
5. Negotiate the Contract of Sale
Once you agree to the purchase price, your conveyancer will negotiate the terms of sale. Most people purchase homes through mortgages. As such, the conveyancer will ensure the closing date gives you adequate time to secure financing from your bank. They will also ask the seller to conduct urgent renovations such as roof or electrical repairs. The conveyancer will also ensure the contract protects your earnest money in case you cancel the contract.
Remember to check the qualifications and experience of your conveyancer. Consider professionals that provide online services if you cannot travel due to the current COVID 19 restrictions.
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