Avoid a Costly Mistake: Why An Experienced Conveyancer Matters
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For most of us, the purchase of our home or an investment property is one of the larger, if not the largest, investments we will ever make in our life. Like most investments, the purchase of the property (or alternatively the sale in order to realise the investment) carries with it risk.
It is important that you manage your risk by ensuring that you receive appropriate advice in either the purchase or sale process so as to avoid one of the many costly mistakes that buyers and sellers can encounter if they are not properly advised. A summary of some frequent mistakes which buyers and sellers encounter and the consequences are set out in the table below:
Mistake |
Consequence |
|
|---|---|---|
| Buying |
Failure to undertake all appropriate searches |
Acquiring a property that is the subject of a restriction on its use such as an easement or a funding condition which results in its value being diminished and/or the owner not being able to use it for its intended purpose |
| Buying | Failure to include appropriate special conditions |
The buyer being forced to acquire a property post signing a contract despite discovering a significant defect in the property structure or title |
| Buying | Failure to secure the discharge of all statutory charges and/or body corporate fees at completion by the adjustment process |
The buyer being obliged to pay fees and costs (in certain cases running in tens of thousands of dollars) that ought to have been discharged by the seller at completion |
| Selling | Failure to complete a contract thoroughly |
The buyer having rights to terminate and/or suing the seller for damages |
| Selling | Failure to secure the releases of mortgage on time |
The buyer having rights to terminate or sue you for damages |
| Selling | Failure to properly calculate adjustments prior to settlement |
The seller making payments which ought to have been made by the buyer at completion |
If you’re ready to engage a conveyancing solicitor, or you just have further questions, feel free to get in touch with Cairns Conveyancing Solicitors today.