5 Conveyancing Mistakes That Homebuyers Shouldn’t Make

5 Conveyancing Mistakes That Homebuyers Shouldn't Make

When looking to buy a home, there are so many factors to keep tabs on. There’s finances, the legalities, the logistics of when you’re finally moving in and so on. It’s important that you’re able to balance and make good on each factor of the property transaction.

If you’re getting a property that’s been previously owned, it does have a lot of perks both in terms of cash and directions. However, conveyancing contracts are something that each homebuyer should always pay attention to.

Understanding the mistakes that you can make in the conveyancing process can give you a better insight into what you should and shouldn’t do. Here’s an overview of the issues you shouldn’t get into.

1) Missing Property Inspections

Property inspections help a homebuyer assess whether the home is in good shape or not. If the house happens to require a lot of repairs, you could still discontinue the transaction and just walk away. However, if you agree to buy the place without inspections, that’s another story.

Always try to get the proper advice from a professional. Have each wall, door and crevice checked for any damages that might increase your costs. You should have a complete understanding of the house to make a very informed decision. 

2) Lacking Pre-Approval 

Many experts do not recommend agreeing to purchase a property without the proper pre-approval for a mortgage needed. Without any information regarding how you’re going to get the loan, it’d be dangerous to go into a conveyancing arrangement without it.

As a homebuyer, sort things out before you get to talking with a seller. Getting the pre-approval would give you some security in terms of the financial aspect of getting a home. Once you’re clear with that, you can also focus on other factors.

3) Signing Without Consultation

Some homebuyers make this common error where they just sign a contract without ever talking to a conveyancing lawyer. This can lead to very grave repercussions against you, especially if you didn’t agree to all the terms after all.

Seek out legal advice before you put your name and signature on the dotted line. Be sure to get insight from a legal expert who really specialises in property and conveyancing contracts if possible to have a better understanding of everything.

4) Failing To Check The Details

In conjunction with the last point, be sure to check everything. Don’t leave a single word or clause unchecked by your conveyancing lawyer. Forgetting and crossing certain specificities made in the contract might lead you to pay more fees, so it’s important to abide by each agreement made in the fine print. Have your lawyer walk you through the details.

5) Taking Too Long on Settlement

Once a date has been set, don’t take your time when trying to get the funds that you need. Any delays may result in some consequences both financially and legally, depending on the terms of your contract. There’s not a moment to waste; try to avoid any possible setbacks and submit your documents to let the settlement stage run smoothly.

Conclusion

In summary, consulting the right experts and having attention to detail can go a long way. Once you finally know what mistakes you should avoid in regards to conveyancing, buying a home should result in fewer setbacks. 

Looking for conveyancing lawyers in Redland Bay? Bickell & Mackenzie is a well-known law firm that specialises in conveyancing, wills and estates administration, and family law in Australia. Get in touch with us today!

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