3 Pitfalls That You May Get Into When Buying Your Dream House
Posted on: 23 May 2018
When buying a home, it is okay to expect that everything will go smoothly from the moment you communicate with the buyer to the closing date. However, this is not always the case during these transactions. Buyers often find themselves in pitfalls that cost them money, lose them valuable time and lead to complications down the road. It is in your best interest to be aware of such pitfalls beforehand so that you can make proper inquiries and protect your interests throughout the purchase process.
This piece will inform you about three common pitfalls that you might face when planning to buy your dream house.
A lost or bad house title
Sounds crazy, right? Well, not so much. Most people who get duped when buying property receive bad titles. In other cases, the seller may claim that they have lost the original documents. However, you should never go into a property sale when the true and accurate title of the property is not available. What's more, the name of the seller on the title should be valid; otherwise, you will not be able to claim ownership in the future when issues arise. So to avoid this, make sure that you have verified the authenticity of the title before completing the purchase. If the title is lost, hold off the transaction until the seller gets a valid replacement.
Unauthorised structures
You may be looking for a dream house with a swimming pool, an extension that you can convert into an extra kitchen or entertainment area, and a fence around the property. When you find a house with all these features, you need to inspect them to ensure that they are in excellent condition. However, before you proceed, make sure that the structures are legally constructed on the property. If the seller built an extension or pool without a permit, you might get into legal trouble in the future. Verify that all structures within the property are legally constructed before finalising the sale.
Defects or missing items
The seller should indicate the equipment, appliances and other things that are in the home at the beginning of the sale. They are also legally required to disclose any defects with the structure, appliances and other items within the property. However, sometimes sellers fail to inform you about certain things, and you will only find out about them after moving in. You could then be forced to drag each other through an emotionally exhausting court process. To avoid this, carry out an intensive inspection of the house to ensure that everything is as the seller claims.
Look into conveyancing services and let those professionals help you with the legal aspect of the property purchase and save you from falling into these pitfalls.
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