Legal requirements, small print, special conditions…
When it comes to buying or selling a property, there are dozens of potential pitfalls. These pitfalls can waste your time, cost you money and leave you feeling anxious and frustrated.
Thankfully, with the right conveyancing advice, you can easily avoid these traps, so your property transfer experience is secure, easy and on-time.
After successfully completing hundreds of property transactions over the last 9 years, our team has dealt with almost every roadblock.
Here are 7 of the most common problems along with the solutions…
Roadblock No. 1 – Making expensive mistakes with the paperwork
Whenever you are buying or selling a property, there is a mountain of paperwork involved.
This paperwork is often full of legal jargon, sentences that reference other sentences, and paragraphs that use English words but sound like a foreign language.
It’s no wonder that people miss important information.
For example, one of our recent clients almost got caught out by sneaky contract changes.
He was buying a new home that was under construction. He had asked for several amendments to the deal.
But when he received the contract, he couldn’t find these amendments. The seller had left them out.
If our client had signed the contract, he would have missed out on the benefits he was promised.
But luckily, he had used our conveyancing service. We spotted the issue and helped him fix it before he made a costly error.
The lesson? Always get a professional conveyancing service to check the fine print.
Roadblock No. 2 – Last minute legal issues
There’s nothing worse than a last minute legal issue when you are trying to settle a property transaction.
It can not only cause you sleepless nights, it can leave you out of pocket or even completely destroy the deal.
When a young couple from Brisbane came to us looking for conveyancing services, they were caught in the middle of one of these legal nightmares.
Their property was about to settle. They were planning to move into their new units in a few days.
When out of the blue, one of their neighbours filed a boundary dispute with the local court.
It was the worst possible timing.
The buyer heard about the dispute. He decided to use it to use advantage. He started demanding a discount on the property.
The young couple couldn’t afford the discount, but they couldn’t lose the deal either.
They were stuck.
Thankfully for the couple, one of our conveyancing experts negotiated a brilliant solution. This solution solved the boundary issue and satisfied the buyer before the settlement.
Conveyancing is like a medicine.
It’s better to have a relationship with a good doctor who knows about your health history before something terrible happens.
That way, if disaster strikes, he can react quickly and effectively.
Roadblock No. 3 – Preparing the paperwork to meet all requirements
Preparing the necessary paperwork to transfer a property is a detailed and time-consuming task.
To add to the complexity, many local areas have special requirements.
If these requirements are left out of the paperwork, it can potentially cost you a lot of money or even delay the sale.
That’s why it’s so vital to employ a conveyancing service with local knowledge to draw up documents like the Bill of Sale and the Vendor’s Statement.
While a low-cost out-of-town service may seem cheaper at first, they can cost you more in the long run.
Roadblock No. 4 – Problems with planning and land titles
Imagine for a moment that you purchase your dream first home.
You wait for weeks to finally get the keys. You invite friends over to proudly show off your new place. You spend your Sundays walking up and down the aisles at Bunnings looking for ways to spruce up the new pad.
Then one day, a man from the council knocks on the door.
He hands you an official looking letter. He tells you that they are going to demolish your house.
There’s nothing you can do about it.
Yes, it sounds like a scene from ‘The Castle’. But this is what almost happened to one of our clients.
He was about to settle on his new house. He had already signed an unconditional contract and paid the usual fees.
But then, at the last minute, he discovered that the property was earmarked for demolition by the local council.
The seller had kept this secret to push through the sale.
Our client was devastated. He thought that he had lost everything.
But luckily for him, one of our conveyancers had seen similar problems before.
We were able to get our client out of the contract and we even won him compensation to cover his costs.
The lesson here is to always get a skilled conveyancing service to do the title and planning searches.
You never know what they could turn up.
Roadblock No. 5 – Trouble with mortgages
When it comes to selling or buying a property, one of the major causes of stress is the mortgage.
Buyers are worried about getting their mortgage approved in the minimum time. Sellers are stressed about paying off the loan fast once the sale is completed.
Even the smallest mistakes in the paperwork, a missed signature or an incorrectly written number can delay the transaction.
The good news is that a good conveyancing service can talk to the lender for you and them to get your mortgage processed in the minimum time. They can also look over the paperwork to ensure that everything is in its right place.
Roadblock No. 6 – Trouble with special requirements
Often property buyers or sellers will have unique requirements that they want as part of the transaction.
These requirements can include special dates, conditions and contract clauses.
What many people don’t realise is that including a requirement in a contract is a complicated process. You can’t just insert a line of text because it might contradict other areas of the contract.
That’s why it’s important to get someone like a conveyancer to ensure that these requests are included correctly.
Roadblock No. 7 – Last minute hitches
There’s an old quote that ‘it ain’t’ over till it’s over’. This is especially true when it comes to property transactions.
After helping thousands of people to buy and sell their homes, we have seen plenty of situations.
Unexpected issues pop up at the last minute that kills the deal. There’s a problem with contract, or the lender starts being difficult about the financing.
That’s why so crucial to have a conveyancer on board until the deal is signed, sealed and delivered.