Thinking of selling a property? What can go wrong legally?
Updated: Jul 25, 2019
So, you are thinking of selling a property, your agents will guide you through the marketing process and the selling of the property, but when it comes to the actual legal transfer of deeds (Conveyancing) there are many pitfalls, remember the offer and acceptance becomes the contract. Your protection and expectations are only as good as the skill that the Offer and Acceptance is written. Here are the most common issues that raised for sellers from a conveyancing stand point.
📷 Signatures and initials are missed.
📷 Not all information is filled out.
📷 Not all the correct accompanying documents are included.
📷 All information about the property is not disclosed to the buyer i.e. caveats, structural damaged, things not working etc
📷 Permits are not provided, or not disclosed if there is none, i.e. sheds, spa, pools etc
📷 Chantel’s are not defined, i.e. is a spa a permanent fixture?
📷 Regulations are not met i.e. Electricity and Plumbing
📷 Timeframes are they flexible or fixed – needs to be discussed.
📷 And the biggest issues of all: Clauses and conditions are written poorly – who, what, when and consequence.
Whilst some of most of these issues can be sorted during settlement, if a buyer gets cold feet or feels they have been misrepresented it could lead to the seller having to compromise on price or the sale falling through.
How do avoid issues
📷 Hire professional conveyancers first – They can help you with the agent write the best O&A
📷 Be organised – have all the relevant information and documents
📷 Question your agent and conveyancer and keep communicating. So contact us today.