What can Go Wrong with Conveyancing?

Written by  //  September 6, 2017  //  Financing  //  Comments Off on What can Go Wrong with Conveyancing?

Conveyancing is a complicated process, if you are not trained in this area. Different things can go wrong in the process. It is a legal transaction process, and thus, it is better to hire a professional to get a genuine and good assistance  through the process.

It is recommended to choose real-estate agents when you want to sell the property as they will help you reach the point where you will need the help of a conveyancer. You should be aware of the common issues, which both sellers and buyers might face during the conveyancing.

Take a look at Some common problems that you might face while selling a property

  • Purchaser Not Paying Deposit on Time

    You might face a situation where the buyer doesn’t deposit the money in a timely manner. So, in such situations, the real-estate agent will help you in chasing up. However, if the problem continues, your solicitor or conveyancer might have to step up to discuss the options at your disposal and in such conditions, you must include charging the interest rate on the unpaid deposit amount as the penalty.

  • The Purchaser Isn’t Settling on Time

    The bank plays a significant role in the process of settlement for sellers, as well as the buyers, where there is a mortgage. The purchaser will rely on the bank to be ready for settling time on time if they are securing the mortgage. If the bank is not ready because of the delay in the mortgage document, the purchaser also isn’t going to be ready. It is the duty of the solicitor or the conveyance to inform and guide what has to be done. You might have the right to charge penalty interest in such cases.

The Bank Doesn’t Settle on Time

A majority of the sellers have a mortgage which has to be discharged. Your solicitor or conveyancing professional can very easily help in making arrangements with the bank for facilitating this. Your mortgage should be discharged and the Certificate of Title has to be handed over to the buyer when are done paying the mortgage. However, the discharge process can prove to be lengthy, and the conveyancer might not be able to book the settlement with the bank as they are not ready. This might happen if the right department doesn’t receive the documents they require for the banking department.

Problems While Buying a Property

You also face problems when you buy a property. Some of the common problems are mentioned below:

  • If the loan is not processed by the end of the date of settlement, you will not be able to meet the settlement obligations. It can cause a breach of contract and cause you to pay unwanted penalty fees.¬† It can also lead to the termination of the contract. You can discuss all your problems with your conveyancer or solicitor to process the loan documents on time.
  • If you find there is are some maintenance problems when you inspect the property, you will have to discuss the rights with your solicitor or conveyancer. You have some rights under the Contract of Sale, and you can dispute the condition of the property. It is a common problem and your solicitor will be able to help you out.

When you face all these problems, you will have to take the help of an experienced and reputed solicitor. They will be able to help you to navigate the conveyancing problem as per your situation and requirement. Also, do not forget to take the help of a real-estate agent as this will assist in making a lot of difference.

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