Model Law: A Blog About Legal Issues

Model Law: A Blog About Legal Issues

How A Conveyancer Can Help You Save Property Buying Costs

by Susanna Phillips

Many property buyers would find it amusing if you told them that a conveyancer can help them save the property buying costs. In fact, many enthusiasts believe that conveyancing costs take a significant cost of their buying budget. However, that's not always the case. The excerpt below details how a property conveyancer will reduce property buying costs. 

Property Appraisal

Most buyers will be quick to purchase property that seems to be reasonably priced. However, this oversight leads to liabilities in the future. A property conveyancer's immediate task is to establish the reason why the property is on sale. More often than not, these reasons may not be visible to the eye since the property seems to be in reasonable condition. For example, it could be that the property is located on contaminated land or the builder disregarded the building code. Further, the conveyancer will appraise the property to determine its current market value. Although a property could be reasonably priced, it could be worth much less. 

Property Inspections

The primary objective of a property inspection is to ensure you are aware of the risks of buying the property. In such a way, you know how much you will spend on renovating the property before you move in. As an independent buyer, you have the right to commission a property inspection. However, it would be difficult for you to understand the findings of the property inspection report. Your conveyancer will interpret the report findings and inform you of the costs you will incur in renovating the property. It will help you make an informed choice of whether or not to make the purchase. 

Property Negotiations 

A challenge experienced by independent buyers is that they have to negotiate with the seller's conveyancer or lawyer. In this case, you lose the upper hand and your negotiating power since the conveyancer is an experienced negotiator who can convince you to purchase the property at its current asking price. Having a conveyancer to represent your interests can help overcome this challenge and ensure you buy the property at a reasonable cost. 

Terms Of Sale 

Did you know that the contract of sale can expose you to additional costs? For example, the buyer could include a clause that penalises you if you do not pay your deposit on time. Alternatively, the contract could compel you to forfeit your deposit if you do not pay by the closing date. A conveyancer can help you identify such oversights from the onset. Besides, they will ensure that the contract requires the seller to renovate the property and pay outstanding bills before you the closing date. 

As observed, the financial benefits of hiring a conveyancer outweigh the conveyancing fees. For this reason, you should always hire an experienced conveyancer when buying a commercial or residential property. Contacy a conveyancing service for more information. 


About Me

Model Law: A Blog About Legal Issues

Hello. I'm Mark and I am the manager of a successful modelling agency. It is my job to ensure that our models are well cared for and generate positive publicity for the agency. Sometimes that can be quite challenging and I spend a lot of time liaising with our legal team. From clients who refuse to honour contracts to models who are facing charges themselves, I am constantly dealing with legal issues. Over the years, I have become quite familiar with a range of laws and legal processes. My friends and family consider me to be a veritable fount of information when they have legal questions. I have decided to compose this blog in order to address the issues I most commonly deal with. Please browse at your leisure.