7 Conveyancing Pitfalls a Conveyancer Can Help You Avoid
Navigating the conveyancing process during property transactions can be fraught with complexities and legal nuances, making it a challenging endeavour for many. Conveyancing, the legal transfer of property from one person to another, is a critical and necessary step in buying or selling real estate. However, without the right guidance, buyers and sellers can easily fall into costly pitfalls. If you’re about to secure or transfer ownership of a property, this article will detail seven common conveyancing pitfalls and illustrate how the services of a skilled conveyancer can help you steer clear of these potential hurdles.
Incomplete or Incorrect Documentation
One of the most common pitfalls in conveyancing is the submission of incomplete or incorrect documentation. This can lead to significant delays in the property transaction process and, in some cases, may even jeopardise the sale and transfer of property entirely. A conveyancer will carefully review and prepare all necessary documents as part of their regular duties, ensuring they’re accurate and completed in a timely manner.
Failing to Conduct Proper Searches
Conducting thorough property and title searches is crucial for uncovering any issues that might affect the property, such as easements, covenants or outstanding liens. Overlooking these searches can result in unpleasant surprises after the purchase. A conveyancer conducts comprehensive searches ahead of time and analyses the results, advising you on any potential concerns and their implications.
Overlooking Stamp Duty & Other Fees
Calculating and understanding the financial obligations of a transaction, including stamp duty, land tax and other associated fees, can be complex and confusing. A conveyancer will provide clear guidance on all financial aspects, ensuring you’re aware of all costs involved so you can budget accordingly.
Misunderstanding Contract Terms & Conditions
Contracts for property transactions can be dense and filled with legal jargon, making it easy to misunderstand the terms and conditions. Your contract will be subject to finance and building and pest inspections, which means that everything moves on a tight deadline. If there’s an issue with your building and pest inspection, your conveyancer must take quick steps to pause the process. This misunderstanding can lead to breaches of contract and potential legal disputes. A conveyancer can explain contracts in clear terms to ensure you fully understand your rights and obligations before signing.
Ignoring Property Boundaries & Zoning Issues
Disputes over property boundaries and zoning regulations can lead to significant issues, affecting your ability to use the property as intended. A conveyancer will investigate these matters, ensuring the property's boundaries are correctly defined and that it complies with local zoning and planning regulations.
Underestimating the Importance of Deadlines
Missing critical deadlines in the conveyancing process, such as those for finance approval, inspections or settlement, can have severe consequences, including financial penalties or even the collapse of the transaction. A conveyancer will keep track of all deadlines so each stage of the process can progress smoothly and on time.
Neglecting Insurance Coverage
Failing to secure adequate insurance coverage from the moment of exchange can leave you vulnerable to financial loss in case of damage to the property. A conveyancer can advise on the appropriate insurance coverage, ensuring you’re protected throughout the conveyancing process and beyond.
