Do You Need a Conveyancer When Buying an Unbuilt Apartment?
Are you thinking of buying an apartment that is yet to be built and thinking about the process involved? As with any other property purchase, this, too, can be quite cumbersome, with a long list of legalities and paperwork involved. So in a situation like this, you may be wondering whether or not to hire a conveyancer.
What Does a Good Conveyancer Do?
A conveyancer is a legal practitioner that specialises in property transactions. They are tasked with the job of ensuring that the transfer of ownership of the property is legally sound. When it comes to buying an unbuilt apartment, the conveyancer can ensure that all the documentation is in place and the contracts are structured correctly. This is to ensure that you, as the buyer, are legally protected in case of any disputes in the future.
Dealing with the Title
One of the primary roles of a conveyancer is to conduct title searches. When it comes to unbuilt apartments, the title and property permissions often change before construction is completed. This can lead to arguments over ownership of the property. A conveyancer will conduct thorough searches to ensure that all necessary documentation is in place and that no parties have disputes over the property. In addition, they will cross-check the construction contracts for timelines, payment schedules, and essential clauses that may affect the purchase.
Coping with the Payments
Another key area where a conveyancer can be handy is in handling the payment of dues and other associated fees. Often, the payment schedules for unbuilt apartments are different from those for completed properties. They can be complicated with various milestones and payment triggers. A conveyancer can help you navigate through these payment schedules, ensure that the amounts payable are accurate and that payment terms and conditions are correctly documented.
Focusing on Insurance
When it comes to property insurance, a conveyancer can advise you on insurance requirements for the unbuilt apartment. Often, contracts do not include a clause for insuring buildings under construction. Statutory requirements for insurance may vary from state to state, and a conveyancer will be able to guide you on the insurance requirements specific to your region.
Your Bottom Line
Purchasing an unbuilt apartment can be quite stressful, with many legalities involved. So, if you are unsure of the process or want to ensure that you are legally protected, then hiring a conveyancer can be a wise decision. Get in touch with a professional for further info about residential conveyancing.