Conveyancing is sometimes a troublesome process. Ask a solicitor who has been doing that job for 10 years, and he can tell you all sorts of horror stories he’s been through with bad sellers or buyers.
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There are different reasons the buyer hasn’t come up with funds to make the deposit. The mortgage was probably disapproved. He or she probably used the money for an emergency expenditure. Or maybe there was no sufficient funds to begin with. His or her conveyancer needs to step in to give reminders regarding the forthcoming completion date and may offer options in case pursuing the purchase remains a goal. A buyer who fails to make a deposit on time may be liable to interests and penalties. Occasionally, this may lead to termination of the contract. The buyer’s conveyancer can ask for an extension to postpone the contract termination.
Mortgage on the Seller’s Property
Sellers who have outstanding mortgage against the property they are selling will have to wait for the debt to be discharged before the bank or lender releases the certificate of title. This gets tricky when the seller has to wait for the buyer to make the payment, from which the former funds the repayment of the loan. Even if the seller does repay the loan, it may take a while for the lending firm to discharge the mortgage. This stalls the conveyancing process, and the buyer may have qualms if the seller doesn’t produce the title by the completion date.
Final Inspection Woes
If you’re buying a house, you most probably want to make sure it’s in perfect condition. So you may ask for a final inspection to check out the house before you issue payment. This is a common practice, especially among meticulous buyers, and for good reason. After all, hundreds of thousands of dollars are a huge investment anyone doesn’t want to be put to waste.
The problem with final thorough inspection is it may reveal defects and deterioration, which may have been missed during initial visits. In some cases, buyers were so eager to get on the deal without asking for an inspection until the last minute, during which the conveyancing process is already at the denouement.
If the buyer is not satisfied with what transpires during the final inspection, two things can happen. One, they may cancel the deal completely. Two, they may postpone payment and insist the seller renovate the property first.
Conveyancers have come across issues like this. One can help you make proper negotiations so that you don’t end up being unfairly convinced to close the deal. Dishonest sellers can make verbal promises of handling the renovations after the completion of the sale. Such verbal agreements don’t hold much water and may be easily disputed, leaving the purchaser shortchanged.
Conveyancers working for the buyer can prevent this from happening. They can order inspections and surveys to make sure the seller or their real estate agent is giving an accurate description of the physical attributes and condition of the property. They also draft contracts fair to both the seller and buyer.