All parties involved in the conveyancing process have specific rights and responsibilities. As a buyer, it is your responsibility to find out if there are any legal or physical issues relating to the property you wish to purchase.
Caveat emptor, which translates to "buyer beware," succinctly encapsulates this responsibility. Here are key highlights of being an aware buyer in conveyancing transactions.
No Obligation on the Seller
The property seller is under no legal obligation to disclose upfront any physical defects or legal problems related to the property on sale. It is, however, the seller's moral obligation to answer any questions you or the conveyancing solicitor acting on your behalf about the property.
If the seller deliberately covers up such issues by failing to respond to your enquiries honestly or in any other way, you have grounds to sue for fraudulent misrepresentation. A qualified property solicitor can guide you on the process and represent you in the proceedings.
Engage the Experts
If you want your due diligence done right, ensure that you get the right people. Do not skimp when hiring for these inspections and surveys. After all, you get what you pay for, and hiring anyone but the most qualified may cost you down the line.
You want to hire a seasoned conveyancing solicitor to go over all the paperwork relating to the property. A professional and experienced solicitor who is thorough will not miss any details.
Similarly, you want to make sure you choose a seasoned surveyor who will give your property a thorough and comprehensive inspection. Any structural defects missed during this survey may cost you plenty to fix once you buy the property. Also, ensure you get an expert to conduct a comprehensive pest inspection throughout the property.
An Opportunity for Negotiating
You may choose to abort and pull out of the conveyancing process after the inspection results reveal physical issues with the property. Another option is to use the survey reports and pest inspection results to renegotiate the price.
Should you choose to renegotiate, a pro-tip is to ensure that you price all the repairs required before going back to the negotiation table. A seller that is keen on bringing the conveyancing process to the completion stage will be willing to consider this adjusted offer.
Making informed decisions is key to a successful conveyancing process. The caveat emptor principle applies, and you should engage the services of professionals, including a conveyancing solicitor to conduct due diligence.
For more help, reach out to a local conveyancer.
