If you've ever bought or sold a home, then you know how long the conveyancing process can last. It may take weeks and even months to close on a property, depending on who the seller is and what type of property is involved. Furthermore, delays are often experienced due to poor planning, lack of coordination between buyer and seller and complications in the transaction itself.
There are cases where you may need to close on a property quickly. Perhaps you're looking to flip the home, move into a new neighbourhood or get your kids settled in before school starts. Regardless of the reason, there are useful tips you can consider to speed up the process. Read on to find out.
Find a local solicitor
Real estate is a very local market. Because trends could vary significantly from one part of the country to another, you should work with a solicitor who has experience and expertise in the area where you're purchasing property. Local solicitors know the laws that apply, paperwork required and timelines that the closing process could take.
Keep contact with the seller and your solicitor
The conveyancing process is synonymous with documents. From financial records to home inspection reports, you and the seller need to gather lots of paperwork to ensure that the property is ready for sale.
Documentation is one of the reasons why the conveyancing process takes weeks to complete. By shortening how much time you and the seller take to gather these documents, you can close much faster than the industry-average timeline. Keep contact with the seller and your solicitor to develop a checklist of what you need and don't need.
Get mortgage pre-approval
You can't close quickly if your financial information isn't in order. A useful tip is to get pre-approved for any financing that you might need for your project. In this way, you can finalise the purchase quicker and get the title in your hands within a shorter period of time. Pre-approval also allows you to negotiate with confidence because you know how much you can afford to spend.
Seek clarification from your solicitor
Even if you're an experienced buyer/seller, there are always complicated sections of the convenyancing process that may arise. Always clarify what you don't know with your solicitor. For example, you may be looking to purchase a commercial property and aren't sure of all the documents necessary to secure the title. Your conveyancer will help address all grey areas so that you don't experience delays.
To learn more, contact a company like Wealthsource Conveyancing.