Why the Devil Is in the Details When It Comes to Buying That Home
Posted on: 24 July 2017
If you get a funny feeling in the pit of your stomach when you walk into a home that you know is "just perfect", then you will be falling over yourself to get to settlement. You may have nightmares that other people will beat you to it and as a consequence may try to rush everything. There will always be a number of formalities to consider and you'll need to involve expert assistance as you go, but don't forget the details, otherwise you could be disappointed even if you get the keys. What is one of the big mistakes that you need to avoid along the way?
Why It's Time to Focus
Always remember that when you decide to exchange contracts with the seller, many of the details involved will be frozen until the time when you actually settle and the contract becomes binding. As such, if you want to introduce certain conditions, these need to be written into the contract from day one.
Getting Sidetracked
It's not surprising that people forget some of the details when they are moving the process along in the meantime. After all, they've got to finalise everything with brokers and bankers, handle the transfer of their existing property, cancel the utilities and start them up in the new place, worry about shipping and so on. While your mind is tied up here, have you forgotten one big thing? Very specifically, what are you buying?
Don't think that the answer to that question is obvious, because you may have overlooked the fixtures, fittings and appliances within, as well as their working conditions.
Details, Details
Did you make very clear notes about what you found in the property and individual conditions, so that you can be sure everything is still there when you receive the keys? For example, did you itemise very clearly what is in the kitchen, or did you rely on some word-of-mouth agreements with the seller? Each appliance or individual unit needs to be noted and included in the terms of the agreement and you need to be sure that they are working properly, without simply making an assumption. If not, the seller will claim that you bought the property 'as is', following settlement.
Have Another Look
As a consequence, ask for another trip to the property before you get ready to sign the agreement with the seller. This time, focus on all of the appliances, fixtures and fittings and test them to see that they are all in good working order.
Did You Forget Anything Else?
If there are any other details of the procedure that you're not sure about, don't forget to ask your conveyancing solicitor to help clarify.
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