DIY has become a trend over the past few years. It is, therefore, undeniable that there are many DIY conveyancing enthusiasts who would want to enjoy the thrill of exchanging real estate contracts. If you wish to conduct some DIY conveyancing, the extract below is for you.
Understand The Conveyancing Laws
Since you may not have any legal background, it would be wise to consult with an experienced conveyancer regarding the conveyancing laws of your state. For instance, you should inquire about zoning regulations. Typically, urban areas are divided into zones, each with a specified development. You should also examine the building code to know the minimum construction requirements. For example, buildings built on flood plains should have piers. In some areas, buildings must have a damp-proof course. Commercial buildings, on the other hand, must meet the minimum safety measures.
Due Diligence Is The Background Of Any Sale
An oversight made by many DIY conveyancing enthusiasts is closing the deal without establishing the property's condition and legal status. Therefore, they purchase property without the proper documentation or one that requires extensive repairs. The best way to avoid this is by conducting proper due diligence on the property. For instance, ask the seller to provide an occupation certificate or a renovation permit to prove that the building works comply with the building code. Additionally, ask for the property title, the builder's contract and the architect's blueprints. Finally, commission a pre-purchase inspection report to determine if the property has hidden defects such as weak pillars, a leaking roof, asbestos, poor-quality fixtures and a sinking foundation.
Property Negotiation Skills
The best way to negotiate property is to ensure you know everything about the property and have a comprehensive understanding of real estate trends. For example, suppose the property has a separate kitchen, dining area and living room. In that case, you could argue that you will spend significant funds converting the area into an open living space. On the other hand, you could assert that easements on the property affect how you can renovate it. Property defects and the pricing of other properties are also ways to negotiate the asking price.
Always Read The Contract Of Sale
Do not make the mistake of assuming the contract of sale covers everything that you agreed with the seller's conveyancer. Read the contract word for word to ensure it protects your interests and those of your client. If possible, take it to a conveyancer to ensure it does not contain contradictions.
Although DIY conveyancing is fun, you should also understand its risks. For instance, if you make an oversight, you do not have professional indemnity insurance to protect you from claims. Therefore, it would be wise to work under a professional conveyancer.
