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The Parties Involved When Purchasing a Property

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Let’s admit it. While purchasing a property is an exciting experience, it can also be nerve-wracking. That is why it is important that you have a strong network with expertise. In this article, we’ll talk about the parties involved when you purchase a property. 

Real Estate Agent

A real estate agent is necessary unless you are working directly with a vendor. Their role is to successfully market and communicate information about the property to the buyers. If you want to negotiate, they are the first people to reach out to. 

Insurance companies

When it comes to high-value purchases and long-term financial commitment, it is necessary that you understand risk management. Mortgage protection and property insurance can help prevent financial burdens if something unexpected happens. Today, many finance brokers can also provide help when it comes to insurance, or they can recommend an insurance broker. 

Conveyancer or Solicitor

When it comes to the legal aspect of a property purchase, you need a qualified and licensed conveyancer. They can prepare all the relevant documents to make sure the transfer of ownership is legal and has met the requirements in your territory or state. 

Valuer

You must know the actual value of your property as it is critical in your loan applications. A valuer can help you with this. Often, lenders will engage with a reputable valuer to understand the loan amount that can be approved for a property purchase for the borrower. The value is based on the property, location, and the current market. 

Pest and Building Inspectors

Do not underestimate the services provided by pest and building inspectors. If you fail to reach out to them and it happens that your property is infested with termites, be prepared to spend a fortune! You must have a pre-purchase inspection to check the building structure if there are repair works that must be done. This will help you gauge if the property is still worthy. 

Conveyancers or Solicitors usually arrange for Pest and Building Inspections.

Lenders (Bank)

Whether it’s from the bank or a specialist lender, you will need the funds to make the purchase. Of course, this may not be applicable if you plan to pay for the property or asset in cash. Make sure to shop for different lending companies or Banks and find out which loan package is suitable for you. 

Finance Broker

A finance broker is a liaison between the borrower and the bank or lender. They will check your financial capability and property goals and objectives before they look for a loan product that suited your needs. They often do the legwork and monitor the progress of your loan application. A reliable Sydney Finance Broker can also help with a discussion with a Real Estate, Solicitor or Accountant  Simply put, they will guide you throughout the process.

 

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