When buying a property, it is often tempting to save money along the way. One option is to do the conveyancing work yourself to save on legal fees. Unfortunately, this has backfired on many purchasers and sellers, so when considering this route it pays to be informed.
The information provided to you here is the different ways a real estate attorney works for you during a property transaction. If you are looking for an explanation of the contract process and examples of ways the contract may go wrong, then look no further. A real estate attorney protects your interests when things go wrong, so if you are considering a do-it-your property transaction, be very aware of the negatives of that decision before you make it.
Conveyancers are a must-have for people who intend to buy or sell real estate. As a buyer, you could be tempted to opt for DIY conveyancing in a bid to save the property buying costs. You can avoid this pitfall by reading the extract below. It discusses a few compelling reasons to hire a conveyancer.
A Conveyancer Will Protect You From Buying Poorly Built Homes
Most buyers will use the property aesthetics to establish whether a house is well built. However, the truth is that a beautiful home could have severe structural defects. Your conveyancer can help point out defects such as salt damping, foundation sinking and warped pillars that may not be visible to your naked eye. Besides, they can tell whether the builder complied with the local building code. For example, in some cases, the property should have flood mitigation measures if it sits on a flood plain.
A Conveyancer Will Protect You From Legal Liabilities
Did you know that you could be fined or prosecuted after buying a property? Assuming you purchased a residential building in an area zoned for commercial developments. In this case, the local council could either prosecute you, fine you or ask you to change the property use without considering how the previous owner used the building. Your conveyancer will check the property documents to ensure that the property has the required certifications. Besides, the conveyancer has professional liability coverage that protects you against such risks.
A Conveyancer Will Ensure That You Get Value For Your Money
Once you hire the conveyancer, their immediate task will be to ensure that the seller's asking price is within the property's market value. If not, they will conduct an appraisal to establish the actual value of the property. It will help them to develop a negotiating strategy. It is usual for buyers to be ready to pay top dollar for a property due to emotional attachments. However, if you do so, the property will have appreciated negligibly by the time you sell it. Besides, you will pay more for home insurance and mortgage.
A Conveyancer Will Help You With Property Financing
Although most buyers prequalify for mortgages, they may not know about the various types of mortgages. Your conveyancer will help you choose a home loan that suits your needs. For example, you could opt for a shared equity loan if you intend to flip the property. Besides, they will negotiate the interest and repayment terms to ensure you have an easy time repaying the loan.
You now understand why you should hire a conveyancing professional when buying property.