In a rush to purchase property, some buyers opt to forego the services of a conveyancer. Unknown to them, the conveyancer could save them from unforeseen liabilities after purchasing the property. The extract below contains some compelling reasons why you should opt for property conveyancing when buying property.
Property Pricing
It would be easy to give a property a face value based on the prices of similar properties in the area and the condition of the property. However, this appraisal method is highly ineffective and exposes the buyer to a wide range of risks. An experienced conveyancer considers a wide range of factors, including the zoning regulations, previous use of the property, pending development laws and the current real estate season. An inexperienced buyer cannot make these projections; hence, there is a high probability that they will purchase the property above its market value.
Title Registration And Documents
As a buyer, you will be satisfied once you ensure that the title is registered in the seller's name. However, the conveyancer will conduct extensive research using the property title to determine the following:
- Who has previously occupied the property? Homes occupied by prominent individuals fetch a good price.
- The conveyancer will assess land records to determine if the area contains natural minerals or was used as a landfill in the past.
- The conveyancer will check the type of title. For instance, if the property has a leasehold title, the conveyancer will check when the lease expires and assess the probability and costs of title renewal.
- The professional will assess if the property has easements. For example, could be a portion of the property is used as a public parking space?
Property Inspection
Some sellers will provide buyers with a pre-purchase inspection report. However, the truth is that most buyers cannot interpret this report without the assistance of a property conveyancer. Your conveyancer will check the findings of the property inspector and inform you of the risks of buying the property. For example, it could be the foundation does not meet the standards required by the local building code. Additionally, the seller could have renovated the property without the consent of the local council. Such issues can significantly affect the property price and your ability to sell it in the future.
Terms Of Property Sale
Without any legal knowledge, you will have a difficult time understanding the fine print of the contract of sale. As such, the seller's conveyancer could include unfair terms that could lead to serious liabilities as you buy the property. Your conveyancer will ensure that the contract protects your interests. For instance, it could penalise the seller for not including all disclosures or accepting offers from other buyers.
It is now clear why you need the assistance of a conveyancer when purchasing a property. When hiring the professional, assess their licencing, professionalism, pricing and terms of service.
