Why First-Time Homebuyers Need to Be Especially Careful
For the vast majority of people, the purchase of a home is not only one of the most significant investments that they will ever make, but also one of the more challenging in terms of the actual procedure. If you're in this position, you may have heard of the term "conveyancing" but not be sure what is involved. What is on the horizon for you?
Understand the Complexity
Firstly, it's very important to understand that many different stages are involved. Each party needs to produce certain documents and must agree to a variety of different clauses and conditions and these are often rather difficult for the uninitiated to understand. In this case, it's not unheard of for homebuyers to try and rush through the process, especially when they think that they may "lose" the home to another buyer if they don't. It's very important to get guidance from those who fully understand the procedure instead.
What Are You Buying?
For example, you must understand exactly what you are buying and whether the buyer actually has the right to give it to you. This is known as retaining "clean title" and a lot can be contained within the small print. Sometimes, a property may be advertised with occupation rights and not full ownership, or transfer of the title and this can be critical if you're looking for finance from a bank.
Third-party inspectors may also be required to determine whether the property in question is worth the asking price. Once again, if the seller is simply asking too much, a bank may not be willing to provide you with the funds.
Looking Carefully
Independent inspections are also required to make sure that the building is in good order and that no major problems will materialise as soon as the paperwork is signed. For example, tiny cracks may be discovered in very difficult to reach places, or other evidence of movement may indicate difficulties ahead. Should something be discovered this could prompt a more in-depth investigation, or could be a reason for you to withdraw completely from the deal.
Heating up
Don't be tempted to move ahead as quickly as possible, simply because you may have a "cooling off" period in order to change your mind. Your ability to do so can change from state to state and you may not be able to "cool off" at all if you buy a house through auction, so be careful before entering into any transaction.
Getting Support
It makes little sense for the first-time home buyer to proceed without professional help on their side. This is why it's important to get the services of a lawyer who specialises in conveyancing matters, so that you can live happily ever after in your new property.