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Why do I Need a Conveyancing Lawyer when Buying Property?
Finding a good property lawyer or conveyancer is a crucial step in your property buying journey. Lawyers and conveyancers provide myriad services during the property search and settlement stages, and their valued advice can help ensure the process is as problem-free as possible.
How do I Find a Conveyancing Lawyer?
There are several ways you can find a good property lawyer or conveyancer. Friends and family may be able to recommend a trusted professional to you; you can check out the database on the New Zealand Law Society website or search the NZ Society Of Conveyancers website.
What is the Difference Between a Property Lawyer and a Conveyancer?
There is often confusion about the difference between a property lawyer and a conveyancer. Both are professionals who are qualified to act on your behalf in property transactions, but while conveyancers specialise in the transfer of property, lawyers offer a broader range of expertise. Lawyers and law firms can help if complex legal issues arise.
What Services do Property Lawyers and Conveyancers Provide?
Property lawyers and conveyancers can help in the property search stage, including accessing and interpreting the LIM report and obtaining a Certificate of Title. They can advise you on withdrawing KiwiSaver savings or accessing a First Home Grant, and can help prepare your offer, including providing advice on the conditions to be included in the Agreement for Sale and Purchase. They are also invaluable during the settlement stage.
It’s worth noting that a property purchased using a First Home Grant cannot be used as a rental property unless you have lived in it as your principal place of residence for at least six months from settlement date for existing properties, or when code of compliance is issued for new builds.
How do Property Lawyers and Conveyancers Help with Your Mortgage?
Your property lawyer or conveyancer will go through your home loan documents with you, explaining the conditions of your loan in plain English before you sign on. They'll talk you through the process and let you know of any documentation that you need to provide.
How do they Help During the Property Settlement Stage?
Importantly, your property lawyer or conveyancer will manage the completion of your property purchase. As settlement day draws near they will receive the bank loan funds from your lender as well as any KiwiSaver withdrawals or First Home Grant funds, and arrange for payment to the vendor's lawyer or conveyancer.
How Crockers Can Help You
Engaging a property lawyer or conveyancer is just one important element in your property buying journey. Take a look at our helpful articles on Buying Old or New, Should I Use A Mortgage Broker? and Crockers Guide To Buying An Apartment to aid you in your search.
The Crockers property management and body corporate teams are experts. If you have any queries about purchasing an investment property contact firstname.lastname@example.org, or for your body corporate queries contact email@example.com