Posted on: 21 February 2017Share
Are you a first-time homebuyer? Read on and discover some helpful tips that you can use to make the conveyance process move faster so that you take possession of the home quickly.
Ask the Lender to Speed Up
Some mortgage lenders may take long to mail the needed documents to conveyance attorneys. This delay can slow down the conveyance process to the extent that a buyer may incur a surcharge for not completing the process within the time agreed with the seller.
You can avoid such a delay by asking your preferred lender to fax the documents to your conveyance lawyer so that the home purchase process can be completed within the timeframe that was stipulated in the contract given to you.
Clarify Your Sources of Funding
Some homebuyers may receive some money from a family member or a friend in order to finance some of the costs of buying the home. Such funds may be a loan or a gift. It is imperative to notify your conveyance lawyer early about such funds so that he or she can request or draft the necessary documents for such funding. For instance, the lawyer may request your friend or family member to provide a document giving the terms under which he or she has lent you that money. The timely acquisition of those documents will help to avoid stalling the conveyance process.
Pay for Searches Early
Your conveyance lawyer may need to conduct several searches, such as a land registry search, before the conveyance process can be completed. Those searches usually commence once the appropriate fees have been paid to the relevant authorities, such as the management bodies of apartment complexes. Pay for those searches as soon as you receive a draft contract from the seller so that the conveyance process moves swiftly to a timely conclusion.
Submit Your Enquiries Promptly
The sale contract usually has an information pack attached to it to provide further information about some aspects of the home that you wish to buy. For instance, there may be an attachment detailing all the structural repairs that have been done to the home in the recent past. It is usually advisable for you to submit any enquiries about the documents that you have received quickly so that the seller can have ample time to respond to them without unnecessarily delaying the conveyance process. For instance, you may wish to see the building permits upon which extensions were added to the home. Such documents can take time to be obtained from the relevant offices. Prompt submission of those enquiries prevents the loss of valuable time as the seller responds to your request.
As you can see, the conveyance process has several components that you may overwhelm you as an inexperienced homebuyer. Work closely with a residential conveyancing lawyer so that he or she guides you about what you need to do at each stage of the process so that avoidable delays can be prevented.