For most people, buying property is an easy process. However, once they commence the exercise, they get engulfed in too much paperwork, searches, and appointments that they wish they had someone to help them out. Well, conveyancers are your one-stop shop when exchanging real estate. This extract details how the conveyancer can ease the property buying process.
Investigating the Property
Once you spot a good-looking property, you will ask the owner for a property visit. However, as you view the property, many questions will linger in your mind. For instance:
- Is the property overpriced?
- Is it registered in the seller's name?
- Does it have hidden defects?
- Who occupied the property previously?
- Has the property had significant renovations?
- What is the history of the land the property sits on?
It will be challenging for you to find the answers to these questions independently. However, conveyancers have the expertise needed to conduct due diligence on the property. For instance, they will assess land maps, land records, building approvals, construction plans, and permits to gather critical information about the building.
Dealing With Sellers
Dealing with sellers is a stressful activity. Typically, most sellers are rigid about the building's pricing and the condition of its features since they have a sentimental attachment to the structure. Letting your conveyancer handle correspondence between you and the seller is a sure way to avoid emotions or feelings of disrespect as you buy the property. The professional uses logic to convince the seller to reduce their asking price. For instance, they could compare the prices of other properties, provide a formal property appraisal, inform the seller about the building's defects or the longevity of the internal fixtures. Such arguments will compel the seller to reduce the asking price.
Finance blogs make the loan application process seem easy. However, this is never the case. Your conveyancer helps you find a suitable lender and advises on the mortgages that would work for you. For example, they could ask you to take a bridging finance mortgage if you intend to sell your old home after buying the new property. The professional will also bargain the interest rate and terms of the loan. For instance, if the property needs renovations, the conveyancer could negotiate for an interest-only arrangement that lowers the monthly repayments to ensure you have sufficient funds to renovate the property.
Interpreting the Contract of Sale
A significant drawback when buying property independently is that you may not understand the legal terminologies in the exchange contract. Besides, you may not know what should be included in the contract. The conveyancer is bound to act in your interests. Therefore, they will ensure that the agreement protects your interests and does not give the seller an advantage that they could exploit to defraud you or cancel the contract.
For more information, contact a conveyancing company in your area.