There is plenty to get excited about when it comes to buying your first home. However, it's important to keep both of your feet on the ground and ensure that you have all of the legal aspects covered before making any snap decisions or cutting any corners. In particular, you need to ensure that conveyancing is carefully handled, so what do you need to know?
Key Things to Consider
The agency that is selling the home you're interested in has undoubtedly entered an element of urgency into the proceedings. They will have successfully marketed the home and made certain that you're aware of any risks associated, should you delay. This type of pressure, although commonplace in the industry, can sometimes cause new homebuyers to act too quickly. They may feel that they may lose their dream home, but gloss over some of the detail along the way.
Yet this detail is all-important. You need to ensure that the house is properly inspected, and you definitely need to know that the title is clean and clear. In some cases, a property may be available to occupy and use, but the actual title may not be on offer. Be careful here, as any lender may refuse to come forward if the title is not available.
What is the proper value of the property, not just the amount that is being sought by the seller? It could be that a lender will put a different value on the property and this can affect the amount of funds available in order to close. Be careful of all the small print, as well. Sometimes, a clause is inserted into a potential contract that prohibits any further negotiation by the buyer. If some other clauses within the contract are somewhat punitive, this could throw up additional problems.
Having a Close Look
While all the financial pitfalls are addressed, make sure that the home is inspected carefully to see that it is fit for the purpose. Any issues should be earmarked for further investigation, such as any sign of movement, settlement or strange cracks. You need to get an expert in for a full analysis before making any attempt to sign.
Can You Reconsider?
Some jurisdictions do allow people to cool off by allowing several days after any purchase is made, to reassess the situation. Be careful, however, as this is not always available and does vary from state to state. Also, if you have made a purchase at auction, you won't have any right to reassess.
Don't Go It Alone
Unless you're very confident in your ability, it's always a good idea to have professional help when conducting the purchase of a property for the first time. In particular, get a solicitor who is a specialist in conveyancing and who will stand in your corner.