A Guide On General Conveyancing

Real Estate Blog

General conveyancing deals with the purchase and sale of property. Typically, the conveyancer helps buyers and sellers close real estate deals and ensures that the deal does not expose them to financial and legal liabilities. Below are some of the different aspects of general conveyancing.

Property Appraisal

Whether you need to buy or sell property, you will need a conveyancer to appraise the property. The primary benefit of an appraisal is it ensures that you buy a reasonably priced house or sell your property above the current market rates. As a seller, the conveyancer will advise you of the renovations you should consider to increase the value of the property. As a buyer, the conveyancer will inform you whether the property requires significant renovations. 

Due Diligence And Background Checks

The conveyancer will conduct due diligence and background checks to identify the following: 

• Who has lived on the property? Homes occupied by celebrities and famous individuals will fetch a reasonable price.
• Has the property been renovated in the past? If this is the case, the seller should provide a certifier's inspection certificate.
• Does the property have any easements? For example, there could be public power or sewer lines passing through the property.
• What are the strata and resident association by-laws? These regulations can determine the fences you will erect, the number of parking lots you can have and whether you can hold loud parties on your property. 

Property Inspections

Property inspections are a critical aspect of any real estate deal. Typically, they are conducted by a building surveyor commissioned by the buyer or their conveyancer. These inspections aim to evaluate the house's structural integrity, the presence of land contamination, pests and dangerous materials on the property, the quality of internal fixtures and whether the construction works are compliant with the building code. 

Financing

As a buyer, the conveyancer should help you evaluate the various house financing options. If you do not have adequate cash, the professional will help you secure a mortgage from your bank. Ideally, they should negotiate the interest rates and repayment terms of the mortgage. 

Drawing The Contract Of Sale

The conveyancer will ensure that the terms of the contract of sale are in their client's best interests. For instance, as a seller, you would want the closing date to be as soon as possible. Besides, you would want as much earnest money as possible. As a buyer, you would want adequate time to organise your finances. Additionally, you would like the contract to protect you from gazumping. 

When hiring a general conveyancer, inquire about their speciality, experience, and availability. Moreover, ensure that the conveyancer has adequate insurance coverage. Contact a general conveyancing service for more information. 

9 April 2021