Conveyancing is not as easy as everybody thinks. That is why states make laws to systematise the process. In Queensland, we follow a certain protocol. This is to avoid the common mistakes and negligence of people involved in the transaction.
Here are some of the Common Mistakes in Conveyancing
1. Lack of Research
People tend to be attracted to properties because of its great location, interiors and of course, the marketing strategy of the seller. One important thing you have to do before you buy a property is to research about the legalities. Check if the documents that are being shown to you by the broker are authentic. You also have to check on the availability of the property for renovation. There might be some restrictions that were not disclosed to you by the seller. Queensland is very strict when it comes to building improvements. There will be a long process of acquiring permits from the local government unit.
2. Putting matter in your own hands
Hire an expert to guide you in the process. A conveyancer is a person to go to if you want to make sure that you don’t need to worry about anything. It doesn’t matter how professional you are in your own field. Conveyancing is a different thing. At least a legal advice won’t be too much.
3. Not Taking Deadlines Seriously
This is not like a term paper that you can finish by cramming. Queensland Conveyancing protocol stresses out specific timetable and deadlines for completing the transaction. Not complying with the set deadlines can be considered a breach of the agreement. You have to be very particular in counting the number of days allotted for a specific step. Not to mention that they have different ways of counting days. Sometimes, it can be calendar days but there will also be times that it will just be working days. As simple as being late for few minutes after the deadline could cause you a court trial.
4. Not Stating the special conditions in the contract
Don’t be content even if the other party is very nice and kind. You have to make sure that everything that you both agreed upon will be on the contract. A verbal agreement is not valid unless put into the paper. For buyers, you should be very careful. You have to check one by one if your future renovation plans for
your house will be easy to meet or not.
In contract signing, is it necessary to sign all of the pages of the contract?
5. Delaying Insurance Coverage After Purchasing
Before buying a property, it is the responsibility of the seller to keep it in its best shape. But after that, the responsibility will obviously be transferred to the new owner. You shouldn’t let your property to be uninsured even just for a day. It is a condition that you have to follow for your mortgage anyway. If you can avoid the mistakes mentioned above the process will be easier. It is always best to be sure than take risks. Following the protocol will keep you away from penalties.