Category Archives: Property

Building condition survey at the time of purchase

Whether you own property or work as a developer, a building condition survey performed by a licensed engineer is a beneficial exercise. Generally, the information collected will help you decide if purchasing, selling or refinancing is possible. Surveying the building will also help you avoid potential claims and expensive maintenance.Purpose for Conducting This Survey As the name implies, this type of survey assesses the physical conditions of a property. Through different procedures, the purpose is to identify any deficiencies and maintenance issues relate to:

Electrical
Plumbing
Fire protection
Mechanical
Life safety systems
Soil erosion
Utilities
Layout
Storm water management
Structural

Results of the assessment gives you a clear understanding of the property. With this information, you can make an informed decision.The extent of what is covered in the survey varies based on your individual needs for collecting such data. The process normally begins with a visual inspection of the property as it exists. It continues with monitoring and tests of different site systems.How the Survey is ConductedDetails of the condition survey come from a variety of information gathering techniques such as:

Onsite interviews
Reviewing maintenance history and local municipal records
Operating systems tests
Researching building code compliance
Criteria definition of design and performance
Calculations of load capacity

In addition, the survey looks at immediate, mid-term and long-term needs to keep the building in good condition. The obvious benefit of this report is knowing the current and future condition of the property.There are other benefits to help you prepare for potential renovations if you decide to buy. You will also know what it may cost to upgrade some things before putting the property on the market to sell.Alleviate Uncertainty about the Building’s Condition Having a condition survey completed on a piece of property is a useful tool that not only helps you make decisions, but the information is also beneficial for prospective lenders. The final report should help to alleviate any concerns.In fact, both sides – the buyer and seller – will have documented information the clearly defines the property’s condition. Details of the report can either increase or decrease the suggested market value.Before you think this is an expensive undertaking, consider the cost of defending a claim if someone is injured on the property from something that could have been avoided. Your time and costs are minimum for preparing for the survey compared to paying too much for a building.Understanding what is involved with either buying or selling a piece of property can yield long-term benefits.

Making intelligent decisions while buying a property

property

It makes you feel very bad when you realize that your dream property is not as good as you thought for the first time. And more importantly, if you find out later that your home needs several thousand dollars in repairing it some portions, you will feel completely disheartened.

You should get a thorough inspection done before buying a house. Using some common sense while buying a property will help you in avoiding many common mistakes. There are some things that you should be always wary of. Here are a few warning signs that should be kept in mind before you sign the contract.

Problems inside the house : There may be some internal problems inside the house that can be easily identified, such as termites, damp spots, and cracks in the walls and ceilings. But there may be some other major problems that are often not disclosed by the seller. For example, if there is a cracked tile in the bathroom, it will indicate water damage, if there is any mould, it may be due to ventilation problem. If there is any brown areas, it may be due to poor wiring connection. Therefore, it is important to get your house properly inspected before buying it. You must also check out other things like water pressure, sticking windows, pipe and drain leaks, insulation levels, and get pest control done. Write down all these points in your check list and get your house reviewed by a professional.

Buying property

property in real estate market

Problems outside the house : Likewise, there may be some problems outside the house as well and in many cases, the seller does not want to mention these points to the overexcited buyer. One crucial element is orientation. If you are working from home and that area is receiving very less natural light, you may want to reconsider. You can also check out the fuse box, signs of the asbestos, blocked drains, roof damage, garden watering systems, condition and age of nearby trees, and pollution levels. After doing the initial assessment, you can ask a professional to review it thoroughly.

Incomplete documents : There are always chances of your identity getting stolen. If you buy your valuable property without necessary documentation, it will be the most dangerous situation to go through, not only financially, but legally and emotionally as well. Never make such a mistake in your life. You can avoid such situations by hiring a solicitor who can be of great help during your purchase. It is worth spending some money on a solicitor rather than paying for the losses in the later stage due to lack of proper documentation.

Shady property history : Before buying a property, you should always inquire about its details, like when was it first built? What was on the land before the property was built? Why the tenants keep changing. If you get the answers to these questions and are satisfactory at your level, then you can move ahead. But if you are not satisfied, then it is better to pass. Because the seller may be trying to cover the shady past history of the property.

Unprofessional seller : The seller or the real estate agency should be able to answer to your basic questions about the house. If you are not convinced by their answer, you can always shop for the next one. If the property has a bad history, and the seller is trying to hide it, then it is better to leave that one and search for another good property.

Getting the things within a positive settlement

When you are buying or selling a property or a house, you will surely require proper conveyancing service. To get that service you will have to hire a conveyancer who will take care of all the necessary legal works and facilitate your purchase/ sale. Generally the cost of a conveyancing service includes various types of fees that are standard of the industry and mostly reasonable. However, there are still some conveyancing services that are expensive and some that are cheap. You can realize it by simply comparing quotes from various conveyancing service solicitors/ farms. If you are looking for cheap conveyancing services, it is also crucial that the hired conveyancer can properly take care of all the legal obligations and helps to conduct the transaction smoothly quickly.

If you are in urgent need of a conveyancing solicitor, do not rush and immediately hire the first cheap conveyancing that you can find. There is a high chance that an inexperienced or really busy service provider will convince you to hiring them. But after that they will struggle to finish the proceedings in time and will eventually slow the process down. Though an established conveyancer will charge more than an inexperienced one, he will get the job done much quicker. Also, you should be careful about the charges as some conveyancers charge high rate for disbursements.Here are 6 ways that you can use to good, cheap conveyancing-

1. Hire a conveyancing solicitor who will be available to talk to you. Many of the cheap conveyancers’ especially online ones avoid meeting their clients face-to-face. This practice should not be encouraged After all, it is your solicitor’s duty to take his client through the entire process and that can be done properly in a face –to –face manner.

2. You can ask for recommendations from independent estate Agents about conveyancers. But remember, you should avoid corporate estate agents in this matter. Most of the corporate agents have tie-up with conveyancing solicitors and will get commission if they can send you to the solicitors. Therefore their opinion is mostly biased.

3. The conveyancing solicitor whom you are hiring needs to have experience in the particular area in which you are buying or selling the property. Choose a firm that has already conducted conveyancing transactions in that very area. With that experience they will be able to tackle any localized issues that come up during the transaction.

4. Always go for a fixed fee conveyancing service. There are conveyancing solicitors who charge on hourly basis. But they will not be as cheap as you will like so go for fixed fee ones.

5. Before hiring conveyancing solicitor/ firm, look for reviews on online forums and blogs etc. if someone from your acquaintances has worked with them, ask them to give their opinion.

6. There is a difference between a conveyancing solicitor and a conveyancing broker. Some cheap firms use brokers to give conveyancing services. Avoid such firms and go for a regular law firm that handles conveyancing.