Contract Mistakes to Avoid When Buying or Selling a Home
by Mashum Mollah Real Estate 09 August 2018
Whether you intend to buy or sell a property, the legal process is very complex. Conveyancing – the procedure followed when buying or selling real estate – is typically undertaken by a conveyancing solicitor who ensures that all is above board and their client is fully aware of all the aspects of the process. If you are looking to buy or sell, here are some common mistakes that are easy to make.
When buying a property, it is essential for the buyer to enlist the help of a conveyancing solicitor who will conduct a series of searches. Failure to do this might result in owning a property that has restrictions placed upon it that were not evident at the time of purchase. If you are looking for that affordable conveyancing Brisbane property owners rely on, for example, an online search is the best way to source a conveyancing solicitor, who will carry out all of the necessary searches on your behalf.
Failure to Secure a Mortgage:
In the event, a person enters into an agreement to buy a property, yet has not yet had their mortgage application approved, this could result in the seller using the buyer. For this reason, it is strongly recommended that you have a mortgage approval prior to house hunting as this avoids any problems further down the line. If this is your first property purchase, there is a beginner’s guide to sourcing a mortgage, which might prove to be invaluable.
Failure to Thoroughly Complete a Contract:
This could happen to either a buyer or seller and in the event, a person has not fully completed their role in putting together the contract, the other party might be able to claim damages. Of course, you can avoid this, and any other pitfall by enlisting the help of a qualified conveyancing solicitor from the very outset.
Failure to Notice Structural Defects:
If a buyer does not have the building thoroughly surveyed, it could mean that the structure has defects and if the contract goes ahead, the buyer could end up with a significant repair bill sometime in the future. It is, of course, the buyer’s responsibility to make sure that the property is structurally sound and this is something your conveyancing solicitor would handle.
Failure to Discharge all Relevant Costs:
If the buyer did not fully check regarding outstanding costs on the property, he or she could be liable, especially if the contracts have already been signed. Sometimes, the seller does not inform the buyer regarding outstanding costs and if the buyer did not carry out the right searches, they would be unaware of this until it is too late.
It is always recommended that you enlist the services of a reputable conveyancing solicitor when buying or selling a property, which ensures that the property is sound and there are no outstanding costs to be paid. If you would like to make contact with a local conveyancing solicitor, an online search will bring up a list of suitable firms and you can take it from there.
Read Also :
- Best Tips To Sell Your Home
- How Difficult are the Steps to Buying a Home?
- Why You Should Seek Information before Buying or Selling Property
- Top 5 Tips to Help You Sell Your Home Fast