Conveyancing: Three Common Problems to Avoid during Purchase
Posted on: 3 January 2018
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If you are planning on buying a home, you should think about hiring a conveyancing solicitor for professional guidance. Whether you are planning on making your purchase through a real estate agency or an auction, you should ensure that you have the best legal advisor. In general, your solicitor will help you confirm that the property is in the promised condition. Moreover, they will make sure that the handing over process proceeds smoothly. If you choose to handle the conveyance without expert assistance, you could fall into some pitfalls, compromising your financial future. Here are some of the common problems that you should watch out for during the conveyancing process.
Incorrect Property Titles
You should not accept property if there are problems linked to the title. If there are some incorrect details in the document or the title is not available, you should not proceed with the sale. In general, it is advisable to check the title and confirm that the listed owner is the seller. Otherwise, the sale could be invalid. You should also make sure that the lot details outlined in the title match the property. You should also obtain the official title from the local registry. This process will help you spot if there are some alterations to the title or the property. You should also double check the information on the new title and confirm validity before the home is handed over.
Presence of Illegal Structures
It is not uncommon for residential properties to have illegal structures. Unfortunately, if you purchase a home with such constructions, you will inherit the liability. For example, people often build pergolas, sheds and carports without obtaining a permit. If the structure is incorrectly constructed or is discovered by the local council, they could impose financial fines or pursue legal action. Therefore, you should ask for the approval documents for attached or freestanding structures in the home. If they are not available, you should make council clearance a condition for the successful sale of the property. Alternatively, you can negotiate a settlement to help cover the management of the illegal structures.
Unexpected Property Damaged
You should not be satisfied by a single home inspection before the conveyance of the property. Often, initial home inspections are performed before the former homeowner moves out. Therefore, the building is usually in good condition. Unfortunately, some people cause significant damage and attempt to take some of the household fixtures when moving out. You should avoid purchasing this type of damaged home by commissioning a final inspection before closing.