Entering the latter stages of a home purchase? Already have an offer accepted on a new place? Now is the time to contact a professional conveyancer, as they will be able to deal with the legal process of getting the home ownership transferred to your name.
Many first time buyers assume that when an offer is accepted on a property, it is almost the final step in the purchase process. But there is a lot that must happen for the legal transfer to occur. The conveyance process is complicated and contains many pitfalls.
It is important for first-time buyers to have a proper understanding of the conveyance process. And here are five potential issues that a conveyancer can solve during this House Conveyancing process.
When an offer on a property is accepted, it is time to make it a legally binding transaction. But such a process involves legal paperwork, specific steps and a timetable that may not be agreeable to both sides.
If the buyer and seller have a disagreement on any step of the process, it can delay or completely shut down the conveyance. Having a conveyancer to handle the process will ensure these disagreements are minimally disruptive, as they have the experience to find a solution with the other party.
2. Property Issues:
When a survey is completed on a property after the agreement of a sale price, it could show up a problem. Perhaps it is poor plumbing, roof damage or a foundation issue. It could lead to one party reneging on the asking price or demanding some type of concession from the seller. A conveyancer can not only smooth out these disagreements, but caution you against buying properties that have specific problems.
3. Paperwork Concerns:
Missing and incomplete paperwork can cause a serious issue during this legal conveyance process. And since there is nothing that you can do to make the seller do their part, it can feel very frustrating. Letting a conveyancer manage everything is much easier, as they will know how to deal with delays or other paperwork-related concerns.
4. Funding Delays:
Even if the buyer is approved for a mortgage, delays are possible. Perhaps some last checks are needed on their worthiness for the loan. Or maybe the lender has a delay in making the funds available. A conveyancer can ease the concerns of the other party and their attorneys, as they will have experienced hundreds of such cases in the past.
5. Missing Alteration Documents:
When a property is put up for sale, there must be a proper releasing of documents that mention any alterations done to the property in the past. These alterations can include adding extensions or any other serious work done to the property.
If these documents are missing or incomplete, it can be a potential red flag. Someone who is conveyancing on their own may not even realize it. But a professional conveyancer will know how to spot such an issue. They can ask the other party for the relevant documents before completing the conveyance process.
As highlighted by these five potential issues in the conveyancing process, it is always a good idea to hire a conveyancer.