Selling a house is an exciting process. However, you need to take all necessary steps to ensure that your property sale is sound and legally binding. Part of this process involves transferring ownership of the real estate from you to the buyer.
This process is known as conveyancing, and due to its sensitive nature, you'd need to work with a lawyer with expertise in this law area. To help you navigate the conveyancing process, here are some important questions you should ask your conveyancing lawyer before signing any dotted lines.
What Documents Will You Need to Provide?
When it comes to the conveyancing process, ensure you provide the necessary documents, including the property and finance-related information.
Property-related documents could include title deeds, surveys, building regulations certificates, local authority searches, and inquiries from neighbours. Financial documents typically required during the conveyancing process include proof of income or assets, statements of bank accounts or credit cards, and evidence of any mortgage offer already accepted.
Completion statements will also need to be signed by both parties. This outlines details such as the completion date, purchase price, and names of those involved in the transaction.
Finally, you may also need to submit identity verification documents to comply with anti-money laundering laws. Examples include notarized copies of passports or driver's licenses and recent utility bills as proof of address.
All these documents should be provided before signing a contract so that all legal requirements have been fulfilled and no problems arise later down the line.
What Are the Potential Pitfalls to Avoid?
As a seller, there are several potential pitfalls to be aware of when undertaking the conveyancing process.
Among the most common pitfalls is failure to disclose all information pertinent to the property before signing a contract. This could include details such as changes made to the property without obtaining building regulations approval or any disputes between neighbours and how these may affect the property.
If this type of information is not disclosed and comes to light at a later date, it could cause significant issues with completing the transaction.
Furthermore, if you do not carry out appropriate searches before exchanging contracts, you may be liable for any issues that arise in relation to your property that were not identified before the exchange. This could include land rights or even faulty services or appliances supplied by the previous owners.
It is, therefore, important that adequate searches are carried out and any potential issues are addressed before agreeing to finalize any contracts.
Contact a professional for more information about conveyancing.
Share19 January 2023
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