Are you looking to purchase, sell or refinance a property?

Published on: 1 June 2022
Under: Residential Property, General

Are you feeling daunted by the process and paperwork?

Fear not!! At Knapps Lawyers, we are here to guide you through the process so that your experience is fun and exciting. We have a highly trained team of professionals to assist you to ensure that you have an enjoyable experience.

HERE’S SOME TIPS AND TRICKS FOR GETTING YOUR PURCHASE ON THE ROAD

You will need to engage the following professionals to assist you with your property deal

Solicitor
Banker
Insurer
Building Inspector (should you wish to have a building inspection completed)
Valuer (it is important to check with your bank to determine whether they will order the valuation or if you will need to)

Once you have your professionals all lined up you are able to start your homework on your new property.

We recommend that your offer to purchase should include the following conditions:

Finance – it is important to note that the banks are under pressure at present and therefore it is a good idea to give yourself at least 15 working days for this condition. It is important to note that if you are borrowing 80% of the money to complete your purchase your banker is likely to require that a Valuation on the property is obtained.
Solicitor’s Approval – this allows your solicitor to check over the agreement and the title. A good timeframe for this condition is 10 working days.
Building Report – this allows you to engage your Building Inspector to assess the property and report to you on their findings. The agreement provides 15 working days for you to obtain and approve a building inspection report.
LIM Report – this allows you to engage the local Council to prepare a report on the property containing all the information that they have relating to the property and any future developments that the Council is aware of. The agreement provides 15 working days for you to obtain and approve a LIM Report.
Insurance – All banks will require that you obtain house insurance. It is important that you obtain an insurance quote for your preferred insurance company prior to confirming your agreement as unconditional to ensure that you are happy with your insurers terms, conditions and pricing. A good timeframe for this condition is 5 working days.

We would love to hear from you to share our expertise and guide you through your property transfer.

Meet our team of experienced Conveyancers looking after you across Nelson/Tasman and Motueka