Conveyancers are essential when you need to transfer property. Most people underestimate the importance of these professionals when buying and selling real estate. However, their input can help prevent losses and legal liability. Continue reading this article to understand why you need a conveyancer by your side when transferring real estate.
Property Pricing
When buying real estate, buyers want to get value for their money, while sellers want to get top dollar for their property. This approach often leads to negotiation disputes since each party may take offence at the other's pricing strategy. Conveyancers help you overcome this impediment by appraising the property. Typically, the conveyancer uses factors such as location, size, amenities, and building design to establish the property's current value. Additionally, they conduct pre-purchase inspections to identify defects that affect the property's pricing. For example, a damaged roof or foundation could cost a fortune to repair. In this case, the seller should reconsider their asking price or conduct the repairs.
Legality Of The Property
As a buyer, you might not have the skills and knowledge needed to evaluate the legality of the property. Minor issues such as a wrongly registered title are easy to identify. However, you need to make further assessments to ensure that the property size and location corresponds with the details at the lands office. If the previous owners renovated the property, the seller should provide renovation permits. The conveyancer will also ensure that the construction works comply with the building laws and ordinances. For example, you could find out that the balcony breaches the building code or resident association by-laws.
Easements
Easements allow another party to use a portion of your property. For instance, a neighbour could secure an easement prohibiting you from building something that overlooks their property or obstructs their view. Conversely, the property could have a utility easement that allows the power or drainage company to install underground utilities. Your conveyancer will inform you about these easements and how they will affect how you use the property. For example, an easement could compel you to allow a utility company to dig up your front lawn to repair or install damaged amenities.
Exchange Of Contracts
The exchange of contracts is an essential aspect of buying and selling real estate. Ideally, the agreement stipulates the conditions under which the property will change hands. Your conveyancer examines these conditions to ensure they do not expose you to losses or legal liability. For example, the seller might need to make repairs while the buyer could be required to pay a specific down payment.
Conveyancers appraise property, establish its legality, inform you about easements and negotiate the terms of the sale.