Buying a house is never easy.
The process does not end once you sign your Contract.
In fact, the legal process of buying a house starts when you sign a contract. The legal process is called conveyancing. It involves the transfer of the clear title of the property from the seller to the buyer.
Conveyancing is a legal service that law firms practice. While it might sound like a straightforward process, it is far from that.
Conveyancing in Queensland is complex – there are numerous laws that affect the conveyancing process.
In this article, we discuss 3 things common mistakes a home buyer should avoid like a plague.
#1 – Pre-Settlement Inspections
The pre-settlement inspection is your opportunity to make sure that the property is in the same condition as at the time you signed the Contract.
Pre-settlement inspections usually take place a few days before settlement. It is your responsibility to ensure that you liaise with the real estate agent to facilitate a pre-settlement inspection.
If you do not conduct a pre-settlement inspection, you run the risk of taking ownership of a property with potential issues.
As experienced conveyancers, we have had clients complain of green, algae filled swimming pools, overgrown grass and vegetation, holes in the walls, rubbish piled up in and around the property!
If pre-settlement inspections were had, these issues could have been raised with the seller’s conveyancer.
#2 – Typographical Errors
It is essential that you check that your name is spelt correctly and that it is written into the Contract as it appears in your identity documents.
Before you sign, double-check your name.
If your name in the Contract has typographical errors or omissions, you will have to seek the other party’s consent to make the correction. This is not only time-consuming, but it could also potentially cost you money to fix.
#3 – Bank Issues
The bank is another party involved in the conveyancing process. Your bank will provide you with a loan and register a mortgage over your property.
It is essential that you comply with all the requirements of your bank. A failure to do so may mean that your bank will not be ready to settle.
Before you instruct your conveyancer to satisfy your finance condition, make sure that you have read and understood the terms of the loan being offered. It is important to ensure that your bank has provided you with a final or unconditional loan approval. Whatever you do, do not satisfy the finance condition on a pre-approval!
Conclusion
Conveyancing is a crucial process in purchasing a house. It involves a lot of paperwork and consultation, so having an experienced conveyancer help is essential. With the help of an experienced conveyancer, you can avoid many problems that might delay the process or cost you money to fix.
If you need help buying a property in Queensland, One80 Conveyancing can help you! We offer comprehensive conveyancing services to help you get one step closer to your dream home, all for an affordable price. Simply go to our website to book a free consultation!
