Are you planning to purchase a new Condo? This is one of the greatest investments that you can make. Condos are more affordable as compared to other houses. They are available in major towns and cities. Condo buyers should determine whether they are suitable for the lifestyle associated with condos before making their final purchasing decisions. The following are the essential things that you need to consider when purchasing condos.
A good condo should have the following amenities a swimming pool, visitor parking, guest suites, gym, concierge and party room. Many people love these extracts. The amenities of a building should always be considered. Both the owners and visitors should make good use of these facilities. The condo fees are high for those a properties that have more amenities than those that have few.
Location is one of the important factors that need to be considered as far as real estate market is concerned. This is a factor that determines the long-term value resale value of a real estate. Check whether the neighbourhoods on the upswing. Developments that are well-planned are helpful in increasing the value of a property. The view of a condo matters too. Condos that are well-planned should have spectacular views.
Buyers should have sufficient funds in the reserve funds. This is the best strategy for ensuring that you are safe on the safe side from the skyrocketing fees of a condo. This money is used in paying the capital expenses like repairing the roof, repaving the parking lots and repairing the amenities. The status certificate of the reserve fund should be reviewed by a real estate lawyer to ensure that it is well-managed.
Remember that living in a condo does not have the same freedom which is associated with house ownership. These units have certain restrictions that affect the residents. For instance, some restrictions affect pets. In some places, dogs or small dogs are banned altogether. Condo owners might be required to seek permission when renovating their units. These rules should be checked before signing the final agreement. Otherwise, buyers may be caught off guard by neglecting these rules.
This is another essential pointer that affects the value of a condo. This is important for those buyers who are purchasing pre-construction. The square footage of a property should be determined to make sure that your furniture can fit in the new condo.…
When buying a new property, you will go through conveyancing; a legal process that involves a transfer of a property ownership from the seller to the buyer. The process begins when both parties have agreed to the property’s offer. Understanding the conveyancing process is imperative as it helps ensure fewer surprises along the way for both parties.
Who does the conveyancing?
You will need to hire a property attorney, a solicitor or an experienced licensed conveyancer to do conveyancing for you, but it’s still possible, although difficult, to do it yourself so long as you have no intention of taking a mortgage. It would be better if you hire an experienced solicitor to ensure that the process goes as smooth as possible.
You may also consider hiring experts from Conveyancing Melbourne CBD.
Understanding the conveyancing process in details
Every property transaction is unique and usually, presents a distinct set of challenges. But generally, the conveyance process follows three broad stages; before the contract, before completions and lastly after completion.
First, your solicitor or lawyer will be given conveyance instruction with a signed contract of purchase or terms of engagement, mortgage instructions if any and any other necessary document. Once they receive these documents, they will verify every document; investigate whether are any mortgages remaining, or outstanding taxes, and other properties charges that might be due.
You will be expected to go through the standard forms and raise any concerns if any. You may need to do the due diligence yourself since your solicitor may not be in a position to investigate every detail by himself. For instance, you can investigate the tenure of the home and the exact situation of your new home.
Once the due diligence is done, you and the seller will agree on the date and time to exchange contracts after signing them, and you will pay part of the deposit or full deposit. It’s the work of the solicitor to do the exchange to ensure that everything is in order, and if there are any concerns, they will be raised at this point.
Once you have exchanged contracts, you are legally bound to follow the process through. If you do not follow through the process at this stage, you will lose the deposit, and if you had paid less deposit than agreed on the contract, you would owe the seller.
The last stage is the completion, where all document will be reviewed again by your solicitor or your lawyer and pre-registration title search is performed. If everything is in order, post registration is done, and all the proceeds are paid to the seller and keys to the property exchanged.
In most cases, you will receive legal documents about 20 days after completion, but before then, your lawyer will tie up some loose ends, like paying stamp duty land tax and sending the legal documents to the land registry.
If you are buying or selling a property, understanding the conveyancing process is very important, but still, it’s good to note that the above process is for ordinary property transfers. For a deceased estate or divorce transfers, the process is a little bit broad that’s why it’s important to hire an experienced property lawyer to help throughout the process.…