Homebuyer’s Guide to Property Valuation

Posted Posted in Property Valuation

Buying a home is a confusing process particularly with property trade and commercial aspects of the transfer of ownership are unknown. Particularly taking the first steps towards the property buying with the help of Valuers is quite an exciting option with those who have been into first step buying. The first step in buying is an agreement to sign offering to buy and offering to sell both. The process of Valuation often seems hard to understand for anyone who is doing the Valuation process. It often seems very hard to understand the whole unless a step by step approach is broken down.  What includes in a full-fledge Valuation process? Factors: Property ownership documents, property dimensions, leasing factors, mortgages, etc. How does the process start? Process of Valuation starts with the title of the property having to sell or not… Whether the property that vendor is showing is the one that is actually or not. It is locating the legal papers of the property and highlighting the potential issues that affect your decision to buy. A water drainage system and confirming whether the property is connected with the public sewers and main water and how other facilities are. There are highlights of the local environmental conditions and flooding issues in the vicinity. A Valuers is the one who deals with the parties who are dealing with the transaction and complete the procedure. Read More : http://melbournepropertyvaluers.net.au Is it the same as surveying? Valuation is not the same as surveying. A simple survey about checking the physical conditions and the carrying out the professional registration with the Chartered Surveyors is important. The surveyor will check the physical matters that will affect the value of the Property Valuers Melbourne such as structural reliability. If one is applying for a mortgage, the borrower will receive the inspector to the property to carry out a valuation sent by the lender. It will usually send its own inspector However, this is not the same as a full-blown survey and you should instruct your own surveyor. Why do you need Valuers? Legal processes are complicated. When investing in life it is important to carry out the legal processes that are quite complicated. It is that one needs to give the right kind of advice and that is why the Valuers are hired.  How much does Valuation cost? What you pay your Valuers varies depending on the value of the property and the circumstances close to the transaction. For example, if the property is a listed building or in a conservation area, the legalities involved may be more complicated so the fee may be higher. Valuers tend to offer a preset fee for their work, but payout – the costs which a Valuers pays on your behalfs, such as searches and stamp duty – may vary. How long does Valuation take? If everything goes to plan, on average it takes approximately 30 – 90 days from the time you agree to buy or sell the property until you move in. The prime hold up is often waiting for confirmation of your mortgage offer. The mortgage offer smoothens out the whole process. So buyers would be best advised to get their mortgage arrangements in place from the outset. How do you choose between companies? As with any service, it is always wise to shop around for different quotes available on the website. However, Valuation amidst the aggressive cut-throat competition can be easily pitched for Flexi-pay options. So, if you obtain a quote that seems too good to be true it probably is.

Regulation Of Melbourne Property Valuers Settlement Professionals

Posted Posted in Property Valuation

Property settlement without any doubt is extremely important to ensure smooth and unhindered transfer of property ownership from the seller to the buyer. However, it is very important to understand that there is a need to regulate the professionals who are a part of property settlement processes. This is because of the highly critical natural of their job. Any mistake or purposeful negligence or wrong information could lead to loss worth thousands of dollars to the sellers and buyers. Hence any property settlement agent has to be above board and there is also a need to constantly monitor them at each and every stage. However, such monitoring is not policing but is more about checking the various processes and practices. As customers we have to bear in mind that there are literally a number of processes and steps that have to be gone through only after which the entire job of property Valuation can be deemed to be completed. This is not easy and that is the reason why nine out of ten customers always believe in handing over the entire assignment from start to end. Hence there is no doubt that real estate property settlement and Melbourne Property Valuers agencies have a very important and significant role to play. They are supposed to act with accountability and responsibility. While there is no doubt that a majority of property settlement companies and even individuals are very accountable and responsible as far as their roles are concerned, there could be a few who might not be behaving the right way. Hence it is very important to ensure that there is a regulator who oversees the functioning of these professionals on a regular basis.  It is the same as regulation of bankers, insurance companies, telecom service providers and also direct selling companies in some countries. The role of these regulators is not to interfere in the day to day functioning of the property settlement companies. Their main role is to ensure that they are playing by the rule books and are always focused on improved customer services at all points in time. They use various parameters, tools and other methods to ensure that the Valuers at the end of the day are delivering on what they promise. They also ensure that the property settlement companies are performing their functions within the ambit of the law at all point in time. Hence, regulation of property consultants is very important and should become mandatory if not already done.