Common Misunderstandings about Property Conveyancing
Undertaking something you have never done before can feel a little intimidating, especially when you are not sure if you have all the right information. This holds true for property conveyancing. If you’re a first-home buyer, you’ll definitely want to tread lightly since you’re investing a lot of your money into your first property. While there are many steps you can take to ensure your transaction goes smoothly, having the correct information will help you make better decisions every step of the way.
Before you approach a solicitor or begin your house purchase journey, dispelling any misunderstandings or misconceptions you have about conveyancing is just as important as getting informed.
Without further ado, the property solicitors here at HomeLegal dispel the most common misunderstandings people generally have about property conveyancing:
1. It is simple
Property conveyancing is not a one-size-fits-all service. No two cases are the same and the issues surrounding each case can be complex. Furthermore, these issues are not always obvious to the public. Most people usually only deal with a handful of transactions in their lifetime, while lawyers and solicitors are exposed to thousands of transactions that vary in complexity. That experience puts them in the best possible position to protect your interests the whole way through the transaction. A good lawyer makes the transaction feel simple notwithstanding that it isn’t.
2. Settlement happens quickly on the day
There’s a lot of excitement around getting settlement sorted. However, there is a strict process that needs to be followed on the day to protect you. Settlement requires both parties to be ready and, as a result, there can be delays which will be out of your – and our – control. We will always settle as quickly as possible but it may not occur at 9 AM.
3. You need to sign paperwork on the day
Usually, we (your solicitors) will sort all the documentation well in advance to ensure that everything runs to schedule on the settlement day. By signing documents early, it avoids last-minute pickups.
4. Getting your KiwiSaver and a HomeStart grant released is quick and easy
These providers need time and paperwork before you can draw down the funds or grant, which is why we suggest that all our clients complete pre-approval application forms and see us as early as possible to get this process underway. The process for getting KiwiSaver released for a deposit is more complex and requires careful attention.
5. You don’t need to see a lawyer to sign the bank and transfer documents
While this statement is technically true, if you don’t see your lawyer, then you are going to have to see another trusted and recognised person (we can give you examples of who fits this category) to witness your signatures. Unless the documents are witnessed by a lawyer or a trusted person approved by us, we won’t be able to complete your settlement.
HomeLegal – Property Conveyancing Done Right
The property lawyers here at HomeLegal have the right skills and expertise to provide you with the right information and guidance for your first home purchase and are always happy to answer any question you may have about the conveyancing process.
Contact the HomeLegal team or ring us on 0508 HOMELEGAL to see how we can help you into your first home!