Hi, my name is Damian and this is the story of my life. I have been pretty lucky. I had parents who loved me and I went to a pretty good school and got a nice job. Last year, I married a wonderful woman. However, something was missing from my life. I realised that I didn't live in the kind of house I wanted to live in. I wanted a bigger house with a garden. And I wanted to own the house rather than renting it. I was put in contact with a real estate agent who really helped me to understand the housing market and he found me a great place and at fantastic price.
Everyday life involves a number of different buying and selling situations on a typical day. Usually, these don't involve a great deal of negotiation or take up too much of your valuable energy. However, when it comes to the buying or selling of a home, this is an entirely different situation. There are many potential legal challenges and potholes ahead if you don't go about this the right way. You may not be familiar with the term "conveyancing," which covers all of these elements. What should you be aware of before you go any further?
When Things Go Wrong
In any home sale transaction, there is quite a lot of paperwork involved. Many people are simply unaware of all the clauses and conditions contained therein and can quickly become overwhelmed as a consequence. There is a danger that you can act too quickly without having all the detail in place whenever you come across a home that you really like. You may think that if you don't act now, you may lose it and make mistakes. This is where you need the help of professional conveyancing.
How Clean is the Title?
Primarily, you need to ensure that you get a clean title and that the home has been properly inspected for all eventualities. It's not unheard of for an advertised property to be put on the market with occupation rights only and not give a proper title to the purchaser. If this were to be the case, a bank would likely refuse to lend on the property when they found out. This would be especially problematic if you, as the buyer, had already signed some documents to secure the property.
Other clauses could come to haunt you as well. This is why it's very important to read the small print and to reveal these pitfalls. What would happen if one of these clauses said that further negotiation was not possible following signature?
It's vitally important that a complete inspection takes place, without being rushed. Anything that seems out of place should be further investigated. If a crack is seen in a difficult to reach place, that doesn't mean that it should be passed by. If you see any roofing tiles that are broken, this will also warrant a more in-depth investigation.
Right to Withdraw
You may think that you will always be eligible to "cool off" by withdrawing from a contract within a number of days following signature. However, do not automatically assume that this will apply to you since this type of clause can certainly vary from state to state. In particular, you will not be eligible to take this action if you purchased a home at auction.
Going It Alone?
As you can see, conveyancing is complicated and the way that you handle it can be crucial. This is why it's essential to enlist the services of a professional conveyancer, to make sure that everything works out well.