Posted on: 29 October 2020
One of the primary benefits of hiring a conveyancer is that the professional can help you negotiate the property price. So, how does this work? Below are a few ways that a conveyancer will help you negotiate the cost of your new home.
Your conveyancer will check the price of similar properties in the area that you intend to purchase the property. During the initial property visit, they will use this information to bring down the price of the property. For instance, they could ask the seller why the property is significantly expensive compared to other homes.
Once you show interest in the property, your conveyancer will conduct due diligence to ascertain it does not have any problems. They will look out for the following:
- If the property has had any renovations, they will ask for renovation licences from the current owner. The same applies if the property has a swimming pool.
- If the property is in a strata development, the conveyancer will check the strata bylaws.
- The conveyancer will check land history records to know the previous use of the property. For instance, it could have signs of land contamination.
- The conveyancer will check the building blueprints to ensure they adhere to zoning regulations and the building code.
The conveyancer will also request for a pre-purchase inspection. This inspection will examine whether the property contains pests or structural defects. Besides, it will assess the functionality of the drainage system, gas, power and water lines. The building inspector will also give a detailed report regarding the condition of internal fixtures, the roof and tiles.
If the conveyancer finds out the property contains some defects, they will ask the seller to reduce the asking price. It is a viable solution compared to the hectic process of renovating the property or looking for permits.
Other Money-Saving Tips
A qualified conveyancer will meet with various bankers and examine their rates, terms and conditions. The conveyancer is in a better position to negotiate on your behalf since they can bring more business to the banks. Conveyancers have insider information about the forces that control property prices in your locality. As such, they could ask you to wait a few weeks as you await property prices to fall.
When choosing a conveyancer, seek reviews from friends to ensure that they are experienced and specialised. You will also need to check the conveyancer's terms and conditions before engaging their services.
If you have additional questions, reach out to a local conveyancing service.Share