Buying a Property

4 Services To Receive From Your Conveyancer

10 August 2020 by Chad Diaz

Purchasing your dream home can be a long and complicated process. An experienced conveyancer can significantly ease this process. Below is a guide on some essential services that the conveyancing agent will provide. 

1. Local Laws

The conveyancer will check local laws to ensure the property meets local council standards. For example, if the property is built on subdivided land, the conveyancer will check amenities such as roads, stormwater drainage and waste disposal systems. Besides, he or she will check whether the subdivision has the required permits. If it does not, property owners may be forced to make adjustments. Additionally, it may be challenging to sell the property in the future. He or she will also check zoning regulations to know whether the property is zoned for residential, commercial or industrial use. 

2. Property Appraisal

The conveyancer will appraise the property to ensure it is reasonably priced. The following factors will affect the price of the property: 

• Its size: Typically, you will pay more if the property occupies more space.
• The build quality: A leaking foundation, broken roof, cracked pillars and slabs will bring down the price of the property.
• The proximity of nearby amenities such as highways, banks and shopping malls.
• The current demand for the property: An influx of interested buyers could make the seller increase the selling price. 
• The quality of interior fixtures: Wooden floors, high-quality appliances, large bathrooms, spacious cabinets and marble kitchen countertops will improve the price of the property.

3. Financing

The conveyancer will advise which loans you should consider. For instance, people with poor credit could opt for a low-doc loan. A variable mortgage will allow you to take advantage of dropping interest rates. The professional will also negotiate the terms of the mortgage with the bank. For instance, he or she may secure low-interest rates and a flexible repayment plan.

4. Contract of Sale

Your conveyancer will ensure favourable terms in the contract of sale. For example, the agreement should compel the seller to conduct property repairs. It should also penalise the seller if he or she decides to accept an offer from another buyer. The contract should give the buyer adequate time to secure a mortgage. It allows you to seek alternative financing if your bank declines your application. Besides, the contract should have an amendment clause that allows both parties to adjust the contract. For example, you could want to extend the closing date. 

Remember to observe COVID regulations as you purchase the property. Work with a conveyancer who provides online services. It is a sure way to prevent physical contact and a lot of travel as you buy the property.  

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