Conveyancing is a legal process that involves the transfer of property from one individual to another. It seems very straightforward, but as it is with other legal processes, plenty of things could easily go wrong and prolong or completely disrupt the entire process.
If you’re selling a property, below are some common issues that could crop up during the conveyancing process.
1. The buyer is not prepared to settle.
As with all transactions that involve banks, anything could happen, especially if you’re dealing with a mortgage. For instance, if your buyer’s not ready for the settlement process, it could be because the documents aren’t ready yet.
Fortunately, your solicitor or conveyancer could step in and negotiate an interest if the settlement would be delayed, explains one of the top conveyancing lawyers in Townsville.
2. You’re having issues with your bank.
This could happen if you have a current mortgage that would have to be discharged. This is an extensive and time-consuming process; anything could happen.
One of the most common reasons for delays includes a lack of coordination among banking departments, which could lead to lost documents and late filings.
3. The buyer can’t pay the down payment on time.
When this happens, you need to consult with your real estate agent ASAP. If they can’t resolve the issue, your solicitor or conveyancer might have to step in and try to find a solution, such as charging interest on the late down payment.
4. The buyer suddenly doesn’t want to settle.
This usually happens when the buyer spots flaws in your property. To avoid this, make certain that you’ve repaired everything that needs repairing. If your buyer notices any fault in your property, they might refuse to settle until you deal with the issues.
These are just some of the common issues that you might come across when trying to sell your property. While they might seem simple, they could actually cost you time and money.
Fortunately, with experienced professionals by your side, you could prevent these issues or resolve them easily should they ever occur.