The right legal support is a valuable asset during a property purchase. Take a look at how a conveyancer can prevent unexpected costs.
Did you know the right conveyancer can make a big difference to the amount of money your clients will spend on a property? This goes beyond the sale itself and can extend to the long term costs of repairs or strata levies.
Let’s take a quick look at the little things a conveyancer does that can make a very big difference.
Often property exchanges can come down to precise timing, with the winning buyer being the one who was prepared for the ‘race to exchange’.
It is recommended clients contact their conveyancer before they start making offers. This way they have someone to help with strategy and timing. Your clients will know what to do and when, and they will be prepared so they can secure the right property at the right price.
An organised conveyancer will have all the paperwork ready when necessary. They will schedule appointments in advance so signatures are ready before they are needed.
As well as helping with strategy and timing, this approach saves a lot of stress and makes the experience more seamless for everyone.
When buying a strata unit, by reviewing a strata inspection report, a conveyancer can point out red flags or possible issues. These may be hidden between the lines and issues an inexperienced buyer would not notice in their rush to secure a home.
Things like special levies, structural problems or leaks can add up to thousands in unexpected costs. While your conveyancer is not an official building or pest inspector, they can recommend a client re-negotiate price based on what’s in the strata report. And speaking of building and pest inspections, if the buyer has failed to gather these a conveyancer will remind them of why doing so is important.
There are a number of unpleasant surprises which buyers would never know to look out for. A check of reports and documents by a conveyancer can reveal them before it is too late.
Detailed contract review
Looking for a conveyancer to have a long-term partnership with? Check if they always go through the exchange contract with a fine-toothed comb to check for things like land tax adjustment and whether or not GST is included in the price.
There may be revelations like a non-compliant swimming pool or an unapproved structure on the property in the contract. These can lead to big fines or take-down expenses so with a conveyancer’s help your clients won’t be hit with this kind of shock when they move in.
Then there are hidden clauses or even omissions from a contract which can trip buyers and sellers up. Things like the state of the property can lead to expenses, e.g. the seller may intend to leave the property ‘as is’ without removing junk from the premises.
There will also be clauses covering failure to settle on the due date. These need to be fair to all parties.
Client status check
You may be working with a client who is not an Australian resident but has failed to mention this to you because they don’t realise the implications and surcharges they are liable for due to their status.
It is so important to know a client’s circumstances before money is officially exchanged. Your conveyancer will ask the right questions so the shock isn’t delivered after they sign the contract. Even if it is disappointing to miss out on a sale, it is better to be informed.
As you can see, it’s all in the detail. A conveyancer is one of the most valuable assets in a property sale. Contact an experienced professional to help your client save money today.
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