Careful and Compassionate Blogs About the Law: A Legal Blog

Conveyancers help with the legal processes involved in the transfer of real estate. Most people do not comprehend the role of conveyancers. Therefore, they are likely to assign duties that the real estate agent should handle. In other cases, they hire other people to conduct some conveyancing duties. The article below details the role of conveyancers. 

Identifying Illegal Construction

Most buyers are impressed by the various architectural features of homes on sale. For instance, they could fall in love with a kitchen extension or a guest wing. While these features improve the appeal and functionality of the property, they could be prohibited by building codes, strata bylaws or land planning regulations. So, how do you know that the property does not have an illegal renovation or extension? Your conveyancer examines the building's blueprints against the current build to establish renovation work. Then, they assess whether the renovation work meets the minimum standards. For example, does the renovation compromise the structural integrity of the original structure? Did the builder seek the required permits? Is the building work certified by a licenced building surveyor? This information helps the conveyancer determine the legality of the works. In most cases, the conveyancer will advise you against buying such properties since you risk penalties or legal issues in future.  

Property Appraisals

Most buyers fall into the trap of making an impulse purchase. However, given that you will spend a significant amount of money, wouldn't it make sense to establish the property's true value? Conveyancers consider many factors when appraising a property. Besides its condition, they examine the buyer's market trends, seasons and government policy, and demand to determine the property's market price. You are at an advantage if the property is reasonably priced. You do not need to worry if the property is overpriced. In this case, the conveyancer uses the appraisal report to negotiate a price cut. 

Negotiations 

Various negotiations take place when buying a property. Besides the asking price, you might need the contract of sale to address specific issues. It could be the closing date, earnest money, gazumping, disclosures or termination conditions. Your lawyer negotiates these conditions to ensure that they are in your best interest and do not expose you to a loss of funds. Suppose you intend to buy the property via mortgage; the conveyancer meets with lenders and negotiates interest rates and repayment terms. It is a sure way to make significant savings on the mortgage.