Don't Use Second Rate Service Providers.
When you buy a property, you are likely to rely upon a combination of the following service providers:
- Solicitor or conveyancer to review the Contract and carry out the conveyancing. If you use a solicitor, make sure that they are a property solicitor
- Mortgage broker or banker to help you obtain finance
- Building and Pest Inspector to carry out a building and pest inspection report
- Strata Records Inspector to carry out the Strata Inspection (if you are buying a strata property)
- Financial planner and/or accountant in circumstances where financial planning or investment advice is needed
Ideally, you should already have these contacts in place before you start looking for a property. If you find a property that you like before taking time to assemble your support team, you risk either losing the property to another buyer or having a second rate team who are likely to provide second rate advice.
Always use service providers who have been recommended to you.
Example: We were once instructed to purchase an investment property for a client who was keen to use his friend and family lawyer to do the conveyancing. It became clear that the solicitor in question had very limited property experience and provided such bad advice to his client that the client nearly missed out on buying a great investment property.
If you don't know where to start when organising your team of property experts, get an experienced property buyers agent to do it for you. A good property buyer's agent will already have the best contacts and be able to manage the whole property buying process for you.