Welcome to my blog! My name is Doreen and I am here to provide all of the information you need to fully understand real estate. When I bought my first home about 7 years ago, I didn't have a clue what I was doing. I found the entire process very confusing. However, all of that changed when I decided to sell my house a few years later. I found a fantastic real estate agent who taught me everything I needed to know. Since that time, I have bought and sold several other properties. I hope you like this blog and that it helps you to secure the home of your dreams.
Most people consider solicitor services as an unnecessary extra cost when buying property. However, a solicitor can help you avoid financial and legal liabilities once you purchase the property. Below is a comprehensive guide on the various benefits of hiring a solicitor to help you buy residential or commercial property.
Your solicitor will appraise the property to determine if it is reasonably priced. He or she may also provide vital advice on what features you should look for in a property. For example, he or she will help you examine the home's energy efficiency. insulation, double-glazed windows, solar systems and skylights. The solicitor can also recommend areas where the property is likely to appreciate within a few years.
The solicitor will examine the authenticity of the property's title. If it has a strata title, the solicitor will conduct some due diligence to establish the rules set by the owners corporation. For example, they may prohibit you from building a gazebo at the front of your house. Further, he or she will let you know the corporation's annual charges and any loans they might have.
Contract of Sale
The contract of sale is the legal document that guides the transfer of property. Your solicitor will negotiate the terms of the agreement to protect your interests. For example, the seller should bear the cost of repairing defective systems. The solicitor will also help protect your money in case the pre-purchase inspection reveals significant defects such as land contamination, warped slabs and foundations or susceptibility to natural hazards such as flooding.
The solicitor will advise how you can save costs when taking out a mortgage. For example, having over 20% deposit will help you avoid loan mortgage insurance. Further, he or she will recommend a suitable loan. For instance, a variable home loan allows you to take advantage of low-interest rates in the future.
Typically, most sellers will need a loan approval letter before accepting your offer. Your solicitor will negotiate the interest rates and repayment terms. For instance, if you require some cash to renovate the property, the solicitor will ask for a honeymoon period where you only pay the interest on the loan.
A solicitor will make the property buying process stress-free. He or she will appraise the property, examine the title, negotiate the terms of sale and organise financing. For more information, contact a solicitor near you.Share