Property buyer services you can’t live without

When it comes to finding your dream property, real estate agents and buyer agents can offer invaluable services. By enlisting a real estate agent who has a good understanding of your needs and with whom you feel a rapport, you’ll have someone who can do the legwork for you and may even be able to access properties before they come onto the market.

Buyer agents not only help home buyers who are time-poor and unable to look for properties themselves, but they can also manage the purchase for buyers who are uncomfortable with the negotiation, auction and settlement processes. Finding the right property is just one piece of the puzzle. You then have to consider the financial, legal and building requirements of buying the property.

Legal property services

Buying property involves the creation and signing of legally binding documents, including the sale contract, mortgage and exchange of title. Sound legal advice will help protect your interests throughout the purchase process.

• Conveyancer: a licensed conveyancer is a property professional who is covered by professional indemnity insurance. The conveyancing process includes arranging building inspections and valuations; examining contracts of sale, mortgages and strata reports; conducting title searches and overseeing the exchange of title; arranging finance; attending settlement; checking outstanding arrears or land tax obligations; identifying illegal building work; and investigating planned developments that may affect the property.
• Solicitor: a solicitor can take care of all your conveyancing requirements and is covered by professional indemnity insurance. A solicitor can also advise you on legal matters outside of your property transaction.

Building inspection and valuation services

Paying for building inspections on properties for sale can seem like a waste of money, but if you are serious about a property, professional inspections can alert you to potential structural, repair and valuation issues.

• Builder: there are many pre-purchase building inspection companies on the market who employ licensed builders to conduct building, pest, defect, asbestos and mould inspections. You should receive a detailed report that will help you determine the safety of the home and validity of the asking price. A licensed surveyor or architect can also complete pre-purchase building inspections, but you may need a specialist pest or engineering assessment.
• Valuer: making sure you receive an accurate valuation of the property for sale can save you from potential financial difficulty. An independent and accurate valuation will help you evaluate the property’s asking price or auction result. It will also help to determine your financing options. Buyers can run into problems if their lender’s valuation differs greatly from theirs. Always use an accredited valuer.

Financial property buyer services

The more financially ready you are to make a property purchase, the greater your chances of property success, as you will be able to make a sale offer or bid with confidence. By seeking financial advice from the outset, you will have a strong understanding of your financial position. This will inform how much you can spend on a property and how best to structure your mortgage, and help you manage ongoing homeowner costs.

• Financial advisor: a financial advisor will review your current financial status and help you plan your purchase strategy. Financial advisors can also manage the mortgage brokering process. Visit the government’s MoneySmart website for advice on finding a licensed advisor.
• Mortgage broker: a mortgage broker will sift through the numerous mortgage products on the market and negotiate the terms of the loan on your behalf. Make sure your mortgage broker is transparent about their fees. Their services are often free as they receive a commission from your chosen lender.

Continue reading the Complete Home Buyers’ Guide with: Are you financially ready to buy?