A Guide On The Work Of Conveyancers
If you intend to purchase property, you will most probably engage the services of a conveyancer. The truth is, most people do not understand the work of a conveyancer. Below is an extract discussing the role of a conveyancing lawyer when purchasing a property.
Legality Of The Sale
Ideally, a property sale should be between the actual owners of the property and an interested buyer. Your conveyancer's immediate task is to ensure that the property is registered in the seller's name and that it is not listed as collateral to an existing loan. When buying a property with a company title or from a land development company, the conveyancer will ensure that the current property registration details do not expose you to future disputes with third parties or the development company.
Legality Of The Property
While the property's title could meet the required legal standards, the development (commercial, residential or industrial premises) may not meet the legal standards. Therefore, your conveyancer will need to evaluate the following:
Subdivision bylaws will determine the minimum plot size, amenities, stormwater drainage systems, and the plot's distance from roads or natural features. As such, your conveyancer will ensure that the plot meets these requirements.
What are the zoning regulations? You would need to demolish a residential house built in an area zoned for industrial developments.
The construction work must comply with the local building code. If not, you might need to renovate the property.
If the property has a strata title, your conveyancer will ensure that it adheres to the strata bylaws. For instance, the owners' association could prohibit specific fences or installations on your property.
Organising Financing
Your conveyancer will assess your financial situation and advise the best loans and financiers. He or she will also meet with the banks to apply your loan and negotiate interest and repayment terms. Conveyancers have access to a considerable client base. Therefore, they are in a better position to negotiate or customise the loan terms. For instance, he or she could ask for a "honeymoon" period that allows you to make interest-only payments.
Negotiating The Contract Of Sale
The conveyancer will ensure that the terms of sale are reasonable. For example, the earnest money (deposit) should be within your budget. The contract of sale should compel the seller to renovate the property before you move in. Besides, you should not have to suffer penalties if your bank denies payments.
As a rule, your conveyancer should have adequate experience in the field. Besides, he or she should be licenced to work in your state. A professional liability cover will come in handy in case the conveyancer is negligent.