How A Conveyancer Will Help Reduce The Property Buying Costs
Posted on: 10 June 2021
Besides helping you with the legal process of buying property, a conveyancer will assist you in negotiating and cutting the property buying costs. Many would wonder how this is possible. Well, the excerpt below discusses four arguments that the conveyancer puts forward to negotiate the property's asking price.
Property Appraisal
More often than not, sellers will place the property above its market value. They hope that the buyer will make the purchase based on emotions as opposed to logic. Your conveyancer will help you avoid this mistake. Once you are interested in a property, the conveyancer will conduct a formal appraisal to determine the property's current market value. Other than the size of the plot and the house features, the conveyancer will assess the neighbourhood, availability of critical amenities, and compliance with zoning regulations. The conveyancer will negotiate the asking price to ensure it is within the property's current market price.
Property History
Most sellers will not inform you about the history of the property. To them, property history should not affect your purchasing decision. However, there are cases when the history of a property can influence its price. For instance, if the property is a reclaimed landfill, it could have signs of land contamination. On the other hand, it may be difficult to renovate a property with historical significance to the area's residents. The lawyer can use these findings to compel the seller to reduce their asking price.
Property Inspection
After you sign the contract of sale, one contingency is that the seller should allow you to conduct a property inspection to examine the structural features of the property. During the initial negotiations, the seller should disclose all property defects since most sales are usually on an "as is" basis. Therefore, if the inspector finds significant defects that were not included in the disclosures, the conveyancer will negotiate the asking price.
Future Prospects
The future prospects of the property can significantly affect its pricing. For example, a pending bill could affect the future value of the property. For instance, take a case where you plan to buy a commercial property in an area marked for mixed-use. If the local government plans to zone the area for residential use exclusively, you will have to pull down the property or undertake massive renovations. Your conveyancer can use this to negotiate the property price.
You will need a skilled conveyancer to conduct due diligence and use the above arguments to bring down the asking price. As such, your preferred conveyancer must be experienced in the field.
For more information about general conveyancing, contact an expert in your area.
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