First-time property buyers often have difficulties comprehending the work of their conveyancers. In most cases, they ask their conveyancers to perform tasks outside their job description. Below is an excerpt detailing a few things you should know about property conveyancing. Hopefully, it will ensure you have an easy time working with your property conveyancer.
1. Conveyancers Differ From Real Estate Agents
The real estate agent's responsibilities differ considerably from those of a conveyancer. The agent takes charge of helping you identify a property, conducting property visits and introducing you to the seller. Conversely, conveyancers help out with the legalities of property exchange. For instance, they will check property documents, draft the contract of sale and help transfer the property.
2. Conveyancers Conduct Due Diligence
Due diligence is an essential aspect of the property buying process. Typically, it helps you determine whether the property is priced reasonably and if it will appreciate in the future. Ideally, due diligence will establish whether the property has the required documentation. For instance, the title should be in the seller's name. Besides, it should have accurate details. The conveyancer will also request other documents such as certifier's occupation certificates, renovation permits, swimming pool safety certificates, easement orders, strata bylaws and pre-purchase inspection reports to establish the property's condition and whether it meets the legal requirements. These assessments will ensure that you get value for your money.
3. Conveyancers Will Help You Secure Financing
You do not have to go through the rigorous loan application process once you hire a conveyancer. Experienced professionals have ongoing relationships with lenders. Therefore, they have up-to-date information regarding recent mortgage products and lenders with reasonable terms and interest rates. Your conveyancer will break down how each mortgage works to ensure you secure the right mortgage. Additionally, they will meet with the lenders and negotiate aggressively to ensure you get the best rates and terms on the market. As a result, you make significant savings on your loan.
4. Conveyancers Negotiate On Your Behalf
In most cases, you might be tempted to make a counter-offer after viewing the property for the first time. At the moment, you will be thinking about the possibility of other buyers outbidding you. However, a conveyancer will advise you against making any offers before they conduct their due diligence. Ideally, the conveyancer presents a mortgage pre-approval letter to compel the seller to sign the contract of sale. The agreement locks out other buyers from making offers on the property. Consequently, the conveyancer will use information from their background review to negotiate the property's asking price. For example, they could ask for significant cuts if the property's construction flouts the building code or if the property has structural defects.
Conveyancers will make the property buying process seamless. The above guide should help you relate with your conveyancer. Remember to examine the professional's experience, reputation and licencing before hiring their services.