As a first-time homebuyer, you may have heard about conveyancing but may not know much about the process. In reality, conveyancing is at the heart of any property transfer process. The excerpt below details a few things you should know about conveyancing as you purchase your home.
1. Always Vet Your Conveyancer
Although there are many conveyancers in the market today, you will want to be represented by the best conveyancer in the market. As such, ask your conveyancer the following questions to gauge their ability to represent you:
- What type of properties do you deal in? Ideally, you want a conveyancer that deals in residential properties.
- What is your operational area? A locally based conveyancer will know planning and commercial laws that affect the sale.
- Are you readily available? Property prices could change within a few days. Therefore, you want a lawyer who can attend to your matter immediately.
- What is the largest deal you have closed? It will give you an idea of what type of clients the conveyancer deals with.
- How much will you charge? Insist on a standard charge to avoid additional fees.
2. Do Not Skip The House Inspection
Some new home buyers do not understand the benefits of a house inspection. As such, they may opt to forego the activity to close the deal in the shortest time. However, the house inspection is probably the most critical aspect of buying the property. It allows the conveyancer to give an accurate appraisal. Besides, it offers insights into whether the property was built according to the building standards.
3. Ask Your Conveyancer About Financing
Do not be too quick to take out a mortgage without the advice of your conveyancers. As real estate professionals, they have insider knowledge about new mortgage products. For example, they could inform you about banks with low interest rates and friendly repayment terms. Besides, the conveyancer will negotiate the mortgage on your behalf to ensure you have an easy time repaying the debt.
4. Ask Your Conveyancer About The Terms Of Sale
The terms of sale define the arrangement between the buyer and the seller. Ask your conveyancer about these terms to ensure you understand your responsibilities and those of the seller. For example, you should know what the sale includes. For instance, some fixtures such as the AC and gazebo could be exempt from the sale. On the other hand, you could ask the seller to renovate the property before you move in.
When buying property, vet your conveyancer, do not skip the house inspection and ask your conveyancer about financing and the terms of sale.
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