When buying property, it's important to get the best advice from a conveyancer. In Australia, this is the person who handles all legal matters related to your property purchase.
Conveyancing is an important part of the process because it ensures that everything goes smoothly and nothing gets overlooked. Your conveyancer will make sure you get a clear title to your property, work out all the legal fees, and provide regular updates on the progress of your purchase.
Asking these four questions will help you find a great conveyancer for your next property purchase:
1. What happens if there is a problem with your loan?
If there is a problem with your application, it could be due to a number of reasons such as incorrect documentation or insufficient income documentation. Conveyancers work in conjunction with banks and other lending institutions, and they are often the first to hear of any problems with a mortgage application. If you're buying a property, use a conveyancer who can advise you on how best to proceed if there are issues with your mortgage application. They should also be able to advise you on steps you can take if there is an issue once the purchase has been completed.
2. Can you change your mind about selling or buying?
If you're selling, it depends on whether the contract is unconditional or conditional (or if your conveyancer has given you a "subject to contract" report).
In an unconditional contract, both parties are bound by the contract and cannot change their minds without breaching it. However, in a conditional agreement, there may be a cooling-off period that allows either party to withdraw from the transaction without penalty if they change their mind.
3. How long will it take?
The length of time required for each transaction varies greatly—from a few days to many weeks or months. Your conveyancer should be able to give you an estimate of how long they expect your transaction to take based on its complexity and other factors such as whether you're buying or selling, who your solicitor is, and whether there are any issues with finance or other aspects of the transaction. They can also advise if there are any particular risks associated with your purchase (such as a lender mortgagee) that may cause delays beyond those expected in general transactions.
4. Are you liable for any additional costs?
You may be liable for additional costs if you have to pay an agent's commission or other fees. Your conveyancer should be able to advise you on the likely amount of these expenses and whether they are likely to be passed on to you.
The best way to avoid problems is to ask your conveyancer the right questions before you sign on the dotted line. Speak with a conveyancer today about the conveyancing process so that you can make an informed decision about your next property purchase.
Contact a conveyancer to learn more.
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