The process of selling property is complicated since there are many details involved. The essential point to note that it is a legal transaction and the conveyancing should be handled right. The conveyancing documents cover the transfer of title from the vendor to the buyer. Like any other legal transaction, complications can occur along the way.

Conveyancing relates to the buying and selling of the property, and it forms the basis of any real estate transaction. The draft needs to be cautiously worded and vetted to ensure you do not have any transaction issues. Below are some common conveyancing errors to avoid.

Incorrect Description of the Property

When someone rushes to draft a conveyancing contract, they might make a mistake when writing the title. Failing to make correct entries might lead to a lengthy and costly legal process. Most people make a mistake when they enter the certificate title or the street number. Double-checking can help to avoid such errors.

If you plan on selling the real estate in the future, an incorrect entry might cause issues with possession. You might need to produce other documents to prove you are the rightful owner.

Not Including the Encumbrances

Proper valuation of the property you are transferring needs to be done to ensure there are no future issues. If there are any encumbrances, they should be included in the contract. The list should highlight the problems and how much the repairs cost.

The contract should clearly show the party responsible for the encumbrances. If the agreement is explicit on the role each party plays, there will be fewer disputes. Uncertainty could lead to issues and unnecessary lawsuits.

Failing to Have Clear Time Limits

Time limits are vital in conveyancing, as they ensure progress and also offer certainty. The contract should have time limits on when the transaction should be completed. The agreement can be imposed by statute or be agreed upon by the individuals involved.

Working without deadlines will confuse all the parties concerned and might drag out the sale longer than necessary. If the conveyancing deadline is not met, there should be consequences.

Conveyancing errors are common but avoidable if you work with licensed conveyancers. The right team will ensure the interests of all the individuals involved in the transaction are met and will handle all the legal complexities found in the transaction. With the right team, you will not have to worry about legal issues when exchanging a property. Contact a company that provides residential conveyancing services to learn more.