A conveyancer represents your interests when buying or selling property. Nevertheless, it is not a surprise that most developers forego conveyancing services, hoping they have the expertise to exchange property purchase contracts. Nevertheless, this is not always the case. Below is information detailing why you need a conveyancer when selling or buying property.
Researching The Other Party
As a seller, you could be a bit sceptic about the seriousness of a buyer giving you an offer on your property. It is especially so since most buyers will give an impression of interest while assessing other properties on sale. Eventually, they do not buy the property, yet they lock off other interested parties from purchasing the property. Your conveyancer conducts due diligence to establish the seriousness of the buyer. For instance, they could assess their portfolio to determine whether they have the money to make the purchase. They could also ask the buyer to provide essential financial statements such as loan approval letters. The conveyancer could also insist on a commitment fee before proceeding with the buying process.
Inspecting The Property
As a buyer, your primary concern would be the property's condition. It is especially so if you do not have adequate finances to conduct renovations after buying the property. On the other hand, people who intend to flip properties must ascertain renovation costs before purchasing the property. Your conveyancer conducts due diligence and hires professionals to complete inspections to determine its current state. For instance, they assess the property's documentation to ensure the design and build process comply with the building code. They also check inspection reports to establish defects that the seller might not have disclosed. For instance, the property might have a damaged roof which is hard to identify during the hot season since there are no rains. Alternatively, the property could be susceptible to rodent and termite infestation if it does not have pest control mechanisms. This information helps your conveyancer negotiate the buying price to ensure you get value for your money.
Negotiating The Exchange Conditions
Your conveyancer makes sure that the property exchange conditions suit your needs. For example, as a seller, you might want the buyer to offer a substantive deposit. Moreover, you might want them to forfeit their deposit if they cancel the deal without legitimate reasons. You could also want some installations, such as water tanks and equipment in your garden shed, exempted from the sale. Conversely, a buyer might want the seller to disclose all property defects. They could also want a gazumping clause that prevents the seller from accepting offers from other people. Your conveyancers draw the contract of sale to ensure a fair playing ground for both parties.
Contact a conveyancing services provider to learn more.Share
13 June 2023
Are you thinking about quitting your corporate job and moving to the country to keep chickens and enjoy the view? Are you tired of small towns and ready to trade your land for a charming house in the city? Are you happy where you are but just need a small change? Then, you are in the right place. Although all of those situations are vastly different, this blog aims to cover them all. Hi. My name is Melissa. Over the years, I've lived all over the country, and I've closely followed the real estate market every place I've been. This blog is the culmination of my experiences. I hope you like it.