Do You Need Help When It Comes to Conveyancing?
If you're not experienced in buying a home, you're probably aware that there are a number of potential legal challenges ahead if you're not careful. The procedure is known as "conveyancing" when it comes to handling all the various buying and selling issues. What is involved?
Fear of the Unknown
Perhaps the largest challenge awaiting you is related to the fear of the unknown. It is unfortunate that many homebuyers encounter legal issues due to the sheer amount of detail that they encounter. They may act too quickly and without being in receipt of all the proper detail, as they perceive that urgent action is called for. It's as if they fear that they will lose their new dream home if they do not sign the documents as soon as possible.
It's All in the Details
Two key elements that tend to be overlooked in these situations relate to clean title and adequate inspection. It's possible that the property advertised comes only with use and occupation rights and not, in fact, the actual title. In this case, a bank may refuse to lend when those details are revealed.
Also, some buyers sign a document before the bankers have the chance to correctly value the property in question. This could cause a roadblock in relation to the funds being available for the final transaction.
Alternatively, it could be discovered upon further review that certain terms in the contract are not in the best interests of the buyer and another clause within the document may preclude further negotiation.
Read the Inspections
Home inspections should never be rushed, or warning signs overlooked. In particular, evidence of settlement should be fully investigated. If cracks are found in hard to reach places, or roofing tiles are found to be broken this could be evidence of movement. It could be a reason for further in-depth investigation, or withdrawal.
Can You Cool off?
While in many cases a "cooling off period" may be available to you, this can vary from state to state. Some states do not automatically have a cooling off period. Furthermore, any purchases made at auction will never have a cooling off period, so it's very important to be fully aware of your rights before entering into any transaction.
Avoiding the Risk
A property purchase is almost always a life changing transaction, especially for first-time buyers. This is why it's a good idea to engage the services of a solicitor who specialises in conveyancing, to ensure all goes smoothly and to plan.