Buying property could be an everyday activity; however, it is not to say that it comes risk-free. It is for this reason that buyers are advised to seek the services of a conveyancer. Below is an article discussing the risks of buying property and how a conveyancer can help you avoid these risks.
Buying Overpriced Property
Buyers who rely on their emotions when buying property unknowingly pay more for the property. Sometimes, the seller or their conveyancer could lead you into buying property above its market value. For instance, they could show little interest in your offer, claiming that they have better offers. In a rush to ensure you secure the property, you will give a higher offer to cut out other interested parties. A conveyancer will prevent such occurrences since they will take charge of the property negotiation process. Other than conducting a formal appraisal, your conveyancer will tap into the seller's psychology to know how to take advantage of the situation to buy the property at a reasonable price.
Buying Property In A Deplorable State
Although a property could seem to be in perfect condition, it could have numerous defects that are not easily visible. For example, worn-out insulation, sinking or shifting foundation, termite infestation or the presence of hazardous materials are issues that are undetectable to an inexperienced person. Your conveyancer can quickly identify these issues. Besides, they will ask for a property inspection to establish the structural integrity of the house. F
Prosecution And Fines
There is a wide range of regulations regarding the construction of residential buildings. If you buy a property that does meet these requirements, you risk fines or prosecution. Worse, you could have to undertake expensive repairs or change the property use. Your conveyancer will assess whether construction and repair works are compliant with the planning regulations and the building code.
Gazumping is a situation where the seller accepts an offer from another party after you sign the contract of sale. This could throw you off balance since the bank could have begun processing your loan. Besides, it could be too late to buy another property. Your conveyancer will ensure that the contract of sale prevents such incidences. For instance, it could impose severe penalties if the seller decided to breach the terms of the contract of sale.
You now understand why it is vital that you hire a conveyancing professional when buying property.Share