The Great Sell Out: Real Estate And The Law

Transferring property ownership is not as simple as it seems. So many things can go wrong. After buying a home, for instance, you may find out that its measurements differ form those on the original title, or discover that something is missing or damaged during an inspection.

Whether you are a buyer or seller, you can avoid these types of problems by investing in a conveyancer or a solicitor first. However, he or she can't guarantee that the transfer process will be quick. In fact, no one can, but here are 3 things you can do to speed it up:

1. Fill the Standard Forms in Advance

When selling your house, you do not have to wait until your phone rings to start the selling process; you can start by filling some standard forms in advance. It means that when you accept the offer, all that remains is for your solicitor to send the forms to the buyer's solicitor. 

Some of the forms you can fill in advance include the Property Information Form and the Fitting & Contents Form. The latter allows you to confirm which fittings and contents are part of the sale.

2. Use an Agreement in Principle Type of Mortgage

As a buyer, you can request for a mortgage in principle while still searching for a house. Mortgages take time, and if you wait until you get a house to apply for one, it may delay the whole process.

A mortgage in principle allows your lender to use basic information to determine a credit score before coming up with a figure. And while your lender is processing your application, you can use an Agreement in Principle (AIP) to prove to a seller that you are a serious bidder on the property.

3. Ensure Your Property is in the Said Condition

Note that when you are selling your house and claim that is in good condition, a buyer is expecting to find it in that state during inspection. If work was done on the house, for example an extension, make sure it says so in the forms. Failure to do this may drag you back to step one where you have to fill in the correct details in your forms – all of which may delay the process.

If you have certificates of all the work done on the house, you can make copies and send them together with the standard forms to back up your words.

You might also speed up a conveyance process by returning forms in time and maintaining good terms with the other party.