Conveyancers are best suited to protect your interests as you purchase a property. Most people trust their conveyancing with the nitty-gritty of the exchange. As such, they don't bother to inquire about the due diligence or negotiation process. Below is an extract detailing some of the disclosures your conveyancer should make as you purchase a property. Ideally, they should help you grasp the conveyancing process.
The Property Pricing
Is the property reasonably priced? The buyer assumes that the seller's asking price is ridiculous. However, you should let your conveyancer prove this to you. Experienced conveyancers comprehend the property appraisal process. Therefore, they examine different factors ranging from the size of the property, its location, the pricing of similar properties, future developments in the area, demand and the property's history to determine its pricing. Surprisingly, your conveyancer could inform you that the property is priced below its value. In other cases, they might recommend that you purchase an overpriced property if they are confident that the price will double or triple in the next few years.
The Property Condition
Most buyers will gauge a property based on its energy efficiency, number of bathrooms, adherence to modern design trends, landscaping and roofing. However, they do not have the skills to establish the property's structural integrity. For instance, it could be it has a sinking foundation, weak pillars or an existing termite infestation. The conveyancer hires a building surveyor to examine the building blueprints, structural features, susceptibility to natural disasters and build quality. The assessments provide insight into the building's safety and compliance with the building code.
Land ordinances are often not a concern to most buyers. Nevertheless, they realise they should have considered these regulations when renovating or upgrading their property. For instance, the laws could prohibit you from adding a storey, extending the house or changing its design. In some cases, you might want to subdivide the property and sell the new parcel for a profit. Alternatively, you could use the new title to secure a loan. In this case, subdivision regulations will determine the minimum size of the plot and the amenities it should have. Your conveyancer must disclose this information to ensure you make an informed choice when purchasing real estate.
Current Mortgage Trends
The conveyancer should advise you on the current mortgage trends if you intend to buy the property using a bank loan. For example, what kind of documentation do banks require? What credit score qualifies you for a loan? What percentage of financing will the bank offer? What are the current interest rates? Will the interest rate increase or decrease in the future? Which banks offer friendly mortgage terms? Further, they should assist with the mortgage application process by negotiating rates and terms.
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