When purchasing property, most people are usually in a dilemma of whether to pay a professional conveyancer or conduct DIY conveyancing. Below is an article discussing the situations that should prompt you to choose either of the two options.
DIY Conveyancing
DIY conveyancing is ideal for people who understand real estate trends and have adequate legal knowledge. Remember, you will need to appraise the property, examine its condition, bargain mortgage interest rates and negotiate the terms of sale. Small oversights could lead to liabilities in the future. For example, if you do not evaluate zoning regulations, land planning laws and strata bylaws, you risk purchasing an illegal property. As such, you may be forced to pull down the building or conduct renovations to ensure that the property meets the required standards. If you want to conduct DIY conveyancing, ask a conveyancer to help out with some aspects of the activity. For example, he or she could conduct background research to determine the legality of the structure.
Professional Conveyancing
Professional property conveyancing is a stress-free approach to purchasing a property. An experienced conveyancer will handle all aspects of the property sale, including the following:
They will give you advice on whether the property is reasonably priced. It ensures that you get value for your money.
They will conduct a property search to ensure that the property is registered in the seller's name. They will also ensure that the property is not under dispute and that it has not been listed as loan collateral.
The conveyancer will negotiate the asking price on your behalf. Conveyancers are equipped with an arsenal of negotiating tactics to compel the seller to reduce the asking price.
They will organise a property inspection to determine whether the contractor followed the building code. The assessment will also assess the condition of interior fixtures and building amenities.
They will recommend a suitable mortgage and negotiate interest rates and repayment terms with your bank.
They will ensure that the contract of sale protects your interests. For example, it should prevent gazumping. Additionally, you should not be penalised if you back out of the deal.
Although conveyancers will charge a small fee, they can help you make significant savings as you purchase the property. For example, they can help reduce the loan interest rates. Professional conveyancers understand real estate trends. As such, they can help you purchase property during the low season when prices are low.
When hiring a conveyancer, conduct some background research on them. Most conveyancers will give discounts to build customer relationships.