Unless you’re a seasoned pro with years of experience, don’t walk down the DIY path when buying a property, advises connollysuthers.com.au, Townsville’s top conveyancing lawyers. Otherwise, you might have the misfortune of watching your hard-earned money go down the drain.
Given the high stakes involved in property deals, now is not the time to feel in the dark. You need to be sure that every step you make is crucial and calculated to increase your chances of success. To this end, you should not seek to save a few pennies by not hiring credible legal help.
Pick your choice carefully
There’s a certain appeal to moving into a new house, and this attracts many first-time homeowners to new developments. While there’s nothing inherently wrong with this, it might leave you nursing an empty purse if you don’t tread carefully.
See, it’s okay to commit to a newly completed project, but at times these are hard to come by. As a result, property developers encourage buyers to buy into an ongoing project by raising the down payment.
In some instances, some deals are closed like clockwork; others go haywire, causing the prospect to forfeit their deposit.
Safeguard your home deposit
It isn’t uncommon for some unscrupulous contractors to cut corners and shortchange their clients. If this happens when a bank is financing the deal, the lender is likely to back out from the deal. See, mortgage lenders expect the property to meet the set standards.
As a result, they will not fund such a purchase as they are likely to incur a loss. Short of bringing the property to this level, there’s nothing you can do to persuade them otherwise. If you can’t raise the rest of the money, this will amount to a breach of contract in the eyes of the contractor.
In most cases, the penalties on such agreements entail forfeiture of your deposit, leaving you penniless and without a home.
Having a legal expert by your side when looking to buy a property increases your chances of success. It keeps you from going down a slippery slope that leaves you nursing hefty financial losses.