Buying, selling, renting and relocating – I've done it all many times over. Because I had one of those careers which meant I had to move every few years, I've lived in nearly every state in Australia more than once. Now retired and settled down, I blog about real estate and the real issues that anyone who is moving comes up against. Full of advice, my blog takes a look at relocating from the point of view of the mover and tries to offer as many insights from my past experiences dealing with lawyers, estate agents, removals firms and other house buyers as possible! Read on if you're moving or thinking about doing so.
The New Year is often a time most people make essential resolutions such as losing weight or quitting drinking. Others, on the other hand, embark on more serious matters such as buying property. If you belong to the latter group, then you should understand that purchasing property is a huge step; therefore, you have to think about a few things critically. One of those is conveyancing services, which you must get right to ensure that the legal side of your purchase process goes smoothly. This article highlights critical tips for approaching conveyancing.
Understand Pre-Approval of Finance -- Buying a property can indeed be exciting, especially if you have been planning this for a long time. However, you first have to organise your financing, and this is where a financial service provider (FSPs) helps clients. Unfortunately, most people don't understand most financial terms used in the conveyancing process, the most common of which is pre-approval of finance. A good number of clients think that because their FSP has given them notice of pre-approval of finance, they are guaranteed the financing. Nothing could be further from the truth because a pre-approval of finance doesn't constitute an offer from your financier. There are conditions you still have to fulfil to obtain your financing; therefore, you need to be privy to such details.
Opt for Face-to-Face Communication -- In conveyancing, communication can make or break your dream of owning a home and, at the worst, can make you lose vast sums of money. Most first-time property buyers fail to realise this and don't think critically about how they intend to communicate with their conveyancer. While technology has made communication easy, clients must try as much as possible to communicate essential details with their lawyer face-to-face. For instance, if you receive an email supposedly from your conveyancer requesting for account details to change, you should not rely on these changes without calling or arranging for a meeting.
Ensure Contract Contains Cooling-Off Period -- As mentioned earlier, buying a house is a significant investment; therefore, you must be sure that you are making the right decision. However, buyer's remorse is a real thing that can happen to homebuyers. Since property sellers understand this, they often include a cooling-off period clause in the purchase contract. This allows the buyer time to change their mind about their purchase. Therefore, ensure that the contract you are signing contains this clause so that you can protect yourself from the consequences of an emotional purchase.
To learn more, contact a conveyancing professional.