Every living being has one common dream; to own a house. It feels great to be an actual property owner. It feels wonderful to realise that you no more have to live in a rented property. It is a lovely feeling to decorate your own house. Unfortunately, being a homeowner is more challenging than it seems. The property prices of Sydney are exorbitant but even more is the risk of buying it. A lot of fraudulent real estate agents have mushroomed all around Sydney preying on innocent buyers and fleeing away with their hard-earned money. You must therefore, thoroughly investigate a property before deciding to buy it. As a layman it may not be possible for you to do it alone and therefore, you must consult a dependableSydney conveyancer who will be able to guide you thoroughly.
While we don’t mean to scare you, we in this blog are highlighting some pitfalls that you might face while planning to invest in your dream home.
A lost title
This is the biggest risk that property buyers face. However, an experienced and genuineSydney based conveyancer will be able to determine the risk before you get trapped. It is your conveyancer’s responsibility to verify the title of the home that you wish to buy. The title should be true and accurate before it is transferred to your name. If the former owner’s name is inaccurate or the measurement is incorrect, you will face issue later. Your conveyancer will verify the documentation and find out the authenticity of the title for you. You must also coordinate with him/her and check the documentation yourself as well.
Illegal construction or extension
Before you decide to invest in a specific property, make sure you find out if it is an approved one. Don’t just verify the building; make sure you verify the extensions as well. Pergolas, swimming pool, and other structures should be approved by the council. Your conveyancer will verify these structures and advice you accordingly. In case they are not approved, you can still buy it but make sure you negotiate the price accordingly, as you will have to get them approved later. Approval requires a lot of paperwork and expenses. So, it is always better to buy an approved property instead of getting it approved after getting the ownership. This is because, in case the council doesn’t approve it later, you will be caught in legal hassles, as you will be its owner.
Missing valuables or a damaged property
This is a very common problem but thankfully your Sydney conveyancer will be able to help you overcome such issues. After getting the possession, your conveyancer will examine the property and its belongings immediately. In case you find it or a part of it in a damaged condition and you are not informed about it in the contract, your conveyancer will immediately activate legal proceedings so that you get what you have paid for. You can also legally sue the other party in case they do not provide you the equipment, appliances, and materials that they have mentioned in the contract.
By being cautious, you will be able to avoid landing up in trouble when buying a property. We hope you find this blog helpful. If you are planning to buy a house, get in touch with us at (02) 9630 5553.