Buying a property can be difficult for people without any legal knowledge. As such, it is always advisable to hire a conveyancer to handle the legal aspects of the purchase. Below are some questions to ask your conveyancer when buying property.
1. What Is Your Specialisation?
Some conveyancers specialise in commercial real estate, while others deal with residential, urban, rural or industrial properties. A specialised conveyancer can tell if the property is reasonably priced. Further, he or she has a better understanding of zoning regulations, building codes and local council permits.
2. What Services Will You Provide?
The conveyancer should provide a complete package of all legal services you need when buying a house. For instance, he or she should conduct due diligence to identify property boundaries, to identify the type of title the property has and to ensure the property has genuine documents. Further, he or she should help organise your financing by applying for and negotiating mortgages. The conveyancer should also explain the findings of the building inspection report. After purchase, the conveyancer should follow up with the lands office to transfer the title to your name.
3. How Will You Protect Client Interests?
The conveyancer should negotiate the terms of the contract of sale to ensure your interests are protected.
- The contract should allow you to renegotiate the asking price or back out of the agreement if the building inspection report shows the house is uninhabitable.
- The contract should compel the seller to renovate the home to your satisfaction before you move in.
- A lock-out agreement can prevent the seller from selling the property to a buyer who offers more money after you sign the contract of sale.
- The seller should refund earnest money and free you from contractual obligations if you are unable to secure financing from your bank.
The conveyancer must declare a conflict of interest if he or she is a representative of the buyer and seller. Further, he or she must have professional liability insurance to protect you from losses associated with conveyancing errors and omissions.
4. What Is Included in the Sale?
During house visits, you may have noticed a large wall painting, dishwasher or solar power system and assumed these items are part of the purchase. The conveyancer should examine the contract of sale and tell you what you are buying. It helps prevent disputes when the seller is handing over the property.
To get the most out of your conveyancer, inquire about his or her specialisation and services. The professional should also explain how he or she will protect your interests and what is included in the sale.
To learn more, contact a conveyancing lawyer.