If you are looking to buy & invest in property there are a handful of professionals that you will most likely use the services of. It is good to understand the role each of them play in the buying process.
“Conveyancing” is the legal process involved in transferring the title of a property from a seller to a buyer. A conveyance comes into being by a Contract for Sale of Land. This is normally prepared by a legally qualified person, such as a conveyancer acting for a vendor (seller) and is checked by the purchaser’s (buyer’s) conveyancer.
A mortgage broker can be seen as a loan expert. In most cases, lending is all they do and can give you professional advice to match your needs with a suitable lending solution. Given that a loan/mortgage is probably the biggest expense you will ever have, it pays to get professional assistance and advice.
There are many reasons why someone may use a financial planner. One of the most common is that financial planning can be extremely complex, particularly when superannuation and tax issues arise. The legislation in this area is constantly changing and your planner is legally required to keep abreast of these changes.
Accountants can offer you all kinds of advice whether it be purchasing an investment property, raising capital or purchasing a business and even how you would be best to structure this business.
As a building gets older and items within it wear out, they depreciate in value. The ATO allows property investors to claim a rental & investment property depreciation deduction related to the building and plant & equipment items contained within it. It can be claimed by any owner of an income producing property. This deduction essentially reduces the investment property owner’s taxable income.
A Property Valuer is a qualified individual who assesses the value of property. Banks and other lenders use a property valuer to conduct assessments to determine the value of the property when mortgage loan applications are made and to assess the feasibility of the proposed purchase. In this instance, the valuer’s role is to establish the current market value of the property.