3 Common Challenges You Might Face When Transacting Property and How Conveyancing Can Help
The level of experience you get when buying or selling property depends on the conveyancer you hire. A property transaction is a process where a lot of money changes hands. It is also the type of experience where a lot of legal procedures have to be followed when looking up titles, drafting the purchase agreements, and other contracts.
Normally, these processes will run smoothly as long as the conveyancer you have understands their job. However, some problems can arise during the promise. Here are three common issues and how a competent conveyancer will help you deal with them.
1. When the Buyer and the Seller Fail to Agree on Sale Terms
When a buyer decides to make an offer on the property, the seller's solicitor gets to work. They create a purchase contract and detail the terms of the sale. They will take this contract to the buyer and assess it together. Here, the buyer will check to see if the terms of the sale are as agreed. If they are, the sale will proceed.
At other times, there could be a minor issue that creates disagreements. For instance, maybe the buyer assumed that an expensive wood-fired pizza oven came with the house, and the buyer wants to take it. The seller may ask for a refund, and the buyer might disagree. A solicitor will find the earliest opportunity to clarify what is part of the sale to avoid such complications.
2. When the Buyer's Solicitor Discovers a Problem with the House
It is always wise to have property inspected for structural soundness before entering into a purchasing agreement. As a seller, your solicitor should have the right checks conducted on the property before putting it in the market. If the buyer unearths problems during their inspection, their idea of what the property should cost will change. They might also decline to make an offer if they cannot get insurance against the risk uncovered.
3. When the Seller Gets Better offers from other Buyers
Until the seller signs a contract to transact property with you, they are at liberty to sell their property to anyone. If they receive a better offer, you will have to match it. Alternatively, have a conveyancer negotiate with them for a reasonable price between your offer and the new one.
These complications are easy to resolve when you are dealing with a competent conveyancer. Take time and choose a conveyancing service before you begin the process.