A conveyancer will guide you through the legal process of purchasing a property. Below are four vital questions to ask your conveyancer to ensure you get value for your money as you buy a home.
What Is The Market Value of the Property?
Buyers should be guided by logic and not emotion when purchasing properties. Emotional buyers will often buy the property above its market value. An experienced conveyancer will easily tell whether the property is overpriced. Other than size, location and amenities, seasons also cause the price of the property to fluctuate. For example, in Australia, property prices will hike during spring and summer. As such, your conveyancer could ask you to wait till the end of autumn or beginning of winter when people are in a rush to sell their homes.
What Renovations Does the House Require?
Your conveyancer should inspect the property to determine whether it is habitable. For instance, severe pest infestations, wrapped or cracked structural elements, leaking foundations and a poorly maintained interior are considered red lights when buying property. If the house is in an acceptable condition, the conveyancer will ask for a pre-purchase inspection report to identify defects that are not visible to the naked eye. They could include low-quality roofing, failure to follow building code, land contamination and susceptibility to natural hazards.
What Are the Zoning or Strata Bylaws?
Zoning and strata bylaws are a vital consideration when buying property. Your conveyancer should conduct some background research to know the current restrictions. For example, you could be prohibited from building landscape fixtures such as gazebos, swimming pools or patios at your front yard. You may be lucky if there are ongoing legislations to change the land use from residential to mixed-use. If this is the case, you could buy a large plot and build a commercial building once the legislation is passed. When buying a strata property, check strata bylaws to know whether you are allowed to keep pets. Besides, check the property maintenance and insurance fees.
Does the Owner Have Genuine Documents?
The property title should be genuine and in the owner's name. If the property has renovations or extensions, the owner should have a certifier's certificate or a permit from the local council to conduct the construction works. A swimming pool safety certificate is a guarantee that the facility is safe to use. Your conveyancer will use this information to negotiate the seller's asking price. For example, they may ask for a discount if the property requires repairs or if the seller had not applied for the required permits.
Learn more about purchasing property by contacting local conveyancing services.