Who Are The Different Parties Involved In Purchasing Property?
At any time, any person wishes to purchase a property, there is excitement but at the same time, it is a nerve-wrecking experience, this explains why it will be an asset to surround yourself with a network of support and expertise. Subsequently the various parties involved in your home buying process would be analysed as well as how you could use this valuable knowledge base to answer your questions.
Real Estate Agents
A vendor or seller hires them and their role is to market and communicate about the property, advice on preparing it for sale and negotiate with potential buyers. Therefore, unless you are working with a private vendor, meeting a real estate agent is inevitable when it comes to purchasing a property.
Insurance Companies
In such a high-value purchase and long-term financial commitment, risk management is very essential. To avoid being hit with major financial burden should anything not go according to plan, insurance, mortgage protection and property insurance would be valuable assets to have at your arsenal. In this light, many financial brokers can deal with insurance as well, or will recommend an insurance broker who can.
Conveyancer
There are solicitors who can provide legal advice, but generally, the legal aspect of a property purchase is taken care of by a licenced and qualified conveyancer. They prepare documents to ensure that transfer of ownership of the property has met the legal requirements in your state or territory as one of their functions.
Valuer
It is imperative in a loan application to be aware of the value of the loan property, so a valuer can play a huge role in the home buying process. More often than not, a lender would engage an impartial valuer in order to ensure the buyer and the lender will know what loan amount may be warranted. The value is based on the property and location, as well as the current market.
Pest and Building Inspectors
The services of pest and building inspectors cannot be under looked, a homebuyer’s nightmare finding out the property they have brought requires costly renovations or pest treatment may become a reality. Organising a pre-purchase inspection is therefore essential. If the property requires structural, wiring or repair work, these can stop you from making a costly mistake or, if the property is still your home but just needs a little work, can provide a valuable bargaining chip.
Lenders
It doesn’t matter if it’s a major bank, a second-tier or non-major or specialist lender for more difficult funding proposals, bottom line is, if you need money to make your purchase, you will need a lender.
Finance Broker
Not only would Brokers act as a liaison between you and the lender, considering they do the legwork and ensure your loan is processed as smoothly as possible, but they are also there to guide you throughout the entire process. Thus, they would find out about your finances and your property goals, and search for and negotiate a loan product that matches your needs.
For quality service and support throughout your home-buying experience, ensure your professionals are accredited with peak national industry bodies such as the MFAA. MFAA Accredited Bear Loans Brokers are held to the highest industry qualification, experience and ethical standards.
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Disclaimer
*This information is not to be relied upon without speaking to your finance broker, tax agent or financial adviser.
