The desperate rush to get property deals over the line at the last minute can mean that the terms and conditions of the contracts are often little more than an afterthought.
While you may be extremely eager to exchange contracts and put down your deposit after months of waiting for the deal to happen, it can be a bit mistake not to check the legal fine print.
If you do not take due care and attention to clarify all of the items there, you run a considerable chance of not getting exactly what you paid for, finding yourself thousands of dollars out of pocket or involved in a nasty lawsuit.
To help you avoid the many legal pitfalls that plague the process of buying a property, we have put together the following helpful list of tips.
The Importance of a Proper Survey
Under no circumstances should you enter into a deal without having a chartered surveyor assess the property for defects first.
The presence of things like asbestos, structural problems, toxic mold and damp can be a major headache and cost tens of thousands of dollars to fix.
In the event that any of these problems are detected, it is probably a good idea to pull out and look for something else.
Do Your Research
Before you put an offer in on a property, make sure that you are au fait with all of the intangible aspects that may affect the price of the property both now and in the future.
It pays to know if there is set to be major construction works in the surrounding area in the near future that may result in eyesores.
Equally, having a good idea of whether an area is up-and-coming can net you a handsome profit on your investment in the years to come should you decide to sell up.
Buying to Rent
When considering a property for buy-to-rent, make sure that you know what then going rate for renting similar properties in the area.
Many a hasty investor has found them having to make up the shortfall on mortgage payments that they expected to be covered by rent payments having misjudged the desirability of the area.
Check The Contract Before Putting Pen to Paper
This final point can’t be stressed enough. As with any legal document that you put your name to, you should always spend some time to go through all the fine print of the contract that is on the table.
While everything is probably going to be in order, a quick perusal sometimes turns up clauses that you are either unsure about what they mean or plain disagree with.
Buying a house is one of the most exciting times in a person’s life. However, without the proper prudence paid to the legal documents, your dream move can soon turn into a nightmare.