Several issues can prevent you from completing the conveyance of your home to a buyer. This article discusses some of those common problems that can delay or halt the home sale process. Use this information to discuss possible remedies with your conveyance professional so that a speedy completion of the transaction can take place.
A Delay in the Payment of the Deposit
The buyer of your home may be unable to pay the deposit on the home within the time that you had stipulated in the contract. Your real estate agent can contact the buyer and find out what has caused the delay. Alternatively, your conveyancer can enforce a clause in the contract allowing you to charge interest on the deposit that hasn't been made in time.
The Buyer Declines to Settle
The prospective buyer of your home can change his or her mind at the last minute and refuse to settle. This change of heart can be caused by several factors, such as when the buyer discovers a defect that had not been noticed during the time that he or she viewed the home. Your conveyancer can step in to renegotiate the terms of the sale so that the cost of the needed repairs can be offset from the purchase price of the home. Alternatively, the conveyance professional can negotiate with the buyer's conveyancer for an extension so that the defect can be corrected before the sale is completed.
Delays By Your Bank
You could have had a mortgage on the home that you are selling. In such a case, your bank can take steps to transfer that mortgage to the buyer's bank. Your bank can also discharge the mortgage using the funds provided as a deposit on the home. The process of preparing the paperwork needed to discharge the mortgage may not have been completed by the time you had agreed to complete the sale. Your conveyancer can contact the bank and notify the buyer's conveyancer about how much more time the bank needs to be ready to settle.
The Buyer is Unable to Settle in Time
Another cause for delays in the conveyance process can originate from the buyer's inability to obtain financing by the deadline set in the purchase contract. This delay may have been because he or she did not submit all the needed documents to the bank in time. If this happens, you can impose a fine on the buyer for delaying the process or cancel the contract altogether and sell your home to another buyer.
As you can see, several things can go wrong during the conveyance of your home to a buyer. It is therefore advisable to hire an experienced conveyancer so that you receive professional help when the conveyance process encounters challenges.
Share6 July 2016
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