Property buying often seems like a straightforward process. Therefore, most buyers do not realise they need a conveyancer. What these people do not know is that an experienced conveyancer can help you save money as you purchase property. How is this possible? Below are a few ways how conveyancing can benefit you.
The conveyancer's immediate task is to establish whether the property is reasonably priced. Other than the property's price in relation to similar properties, the conveyancer will evaluate the following:
- What type of title does the property have? Properties with leasehold, strata and company titles should be cheaper since the owner does not have absolute rights to the property.
- What are the risks of purchasing the property? For instance, could be it contains contaminated soil or is located on a flood plain?
- Are there any government regulations that could affect property use? For example, it may be in a situation where the government would want to zone the area for commercial developments.
- What are the prevailing demand and supply forces? Property prices tend to drop during the cold months when there are few buyers in the market.
Condition Of The Property
Most buyers are surprised when they realise that the property they purchased requires significant renovations. More often than not, these renovations were not issues that were easy to spot during the property buying process. For example, a simple defect such as a leaking roof could cause humid conditions that could attract a termite infestation. On top of that, the leaking roof could dampen the walls, thus damaging the insulation. In this case, you will need to repair the leak, treat the pests and change the insulation. A conveyancer will help you avoid such costs by commissioning a house inspection. The assessment can help identify such issues before you purchase the property.
Conveyancers have long-term relationships with financial institutions since they bring in a lot of clients. Therefore the conveyancer can help bargain the mortgage fees. For instance, they could ask the bank to reduce the processing and insurance fees. Additionally, the conveyancer will ensure you receive the mortgage at the base rate. It may be impossible to get friendly rates and conditions without the help of your conveyancer.
A lawyer will ensure that the contract of sale reflects your agreement with the seller. For instance, sellers could fail to include items that were initially part of the sale. It could be a home appliance such as the AC system, or a water tank on the property. Others will impose severe penalties if you do not clear the balance by the closing date. Your conveyancer will go through the contract of sale to ensure it does not contain such clauses.
A property conveyancer can help you save property buying costs by conducting an appraisal, assessing the property's condition, negotiating mortgage rates and negotiating the terms of sale.