Five Common Problems When Signing a Sale And Purchase Agreement and How to Avoid Them

Finding a home of your dreams is a daunting task which may take several months or even years. After performing extensive legwork, if you manage to seal the deal, you need to pay attention to numerous things such as signing on the dotted line. Many homeowners make a mistake of missing the important clauses in a hurry to get the required paperwork done. The sale agreement is not a standard document. There are various details included in it, and if you happen to miss them out, you may land in troubles. If selling house in Takanini is on your mind, read the article till the end where we will be giving you information on the common mistakes that most of the people commit when signing a sale and purchase agreement and some tips on how to avoid them.

What is a Sale and Purchase Agreement?

The sale and purchase agreement is a contract between a property buyer and seller. This agreement contains all the details and other specifications such as terms and conditions of the sale, etc. This agreement provides both the parties with assurity about what will happen when.

Common Mistakes People Commit When Signing sale and purchase agreement

GST– One of the sections of sale and purchase agreement states whether the vendor is registered or not. You may end up paying an additional 15% of the purchase price, if the vendor is GST registered. Do not sign until the GST section in the agreement is not complete.

Read Clauses Properly– Sellers need to be aware of the clauses when signing the agreement so that they do not risk missing out the sale. Several buyers and sellers try to add clauses to the agreement that enables them to cancel the agreement when they change their minds. We recommend you not to agree to additional clauses without seeking advice from the professionals.

Conditions– Many individuals rely on adding a condition to the agreement to give a way out of an agreement in case they change their mind about the sale. Again, be careful about signing the agreement if you come across such conditions in the agreement.

Settlement Date– Before signing the sale and purchase agreement when selling a house in Takanini, think carefully about the settlement date. The reason being, when the date is locked in, you may not be able to change other events linked to it. If you happen to negotiate a change to the settlement date, it may give the other party an opportunity to renegotiate other details in the agreement, which may become a cause of concern for you.

Those were several important things you need to pay attention to when signing a sale and purchase agreement. It is extremely important to ensure the agreement is signed by all the parties who need to sign it. You can also depend on a skilled and experienced real estate agent to provide you the right guidance when buying or selling a house in Takanini. The agents will walk the entire process with you to ensure you a smooth and hassle-free real estate transaction.

Mistakes to Avoid While Buying a Home

Buying a house is one of the biggest decision of your life and you certainly don’t take one in haste. There are innumerable things which are at stake; you need to be highly cautious as well informed, in order to pull off a perfect choice.

It might sound scary though, however, most of the mistakes that are made during the buying stage are usually irreversible in nature. Hence, good research backed up by professional help are paramount when you are intending to make a crucial home investment decision.

While buying a house in Takanini, you must avoid the following commonly committed mistakes.

Accepting the first loan offered: When you think of buying a house, the majority of you will also think of home loans. However, going with the first one offer and that too without necessary market research may cost you dear in the end.  We recommend you to take quotes from multiple banks/firms, compare the interest rate, read the agreement terms and conditions properly, before committing to one.

Not researching well about the property location: A home is often linked with comfort and security; it’s just not the house but the locality where it is placed, matters equally. Hence, you need to consider the following before making a choice to avoid any issues later.

  • Availability of supermarket, hospital in vicinity.
  • Connectivity
  • Commuting distance to office, schools.
  • Crime rate

Not Hiring Real Estate Consultants: Lot of buyers are of the opinion that they do not require the services of property consultants. They are well informed and hence, can carry out the home buying process on their own. Property consultants are the masters of their trade, they have a remarkable ability to carry out the best negotiations with an ultimate ease. If you choose to go on your own, chances are great that you might end up overpaying or missing out on a perfect property.

Beaching the budget limit: All of us have a budget and it is essential that we draw a line that we must stick to, come what may! It is tempting to go overboard., however, it can disrupt your life and hit your daily expenses badly. Apart from the house down payment, there is insurance, property tax and of course the monthly hitting EMI that you need to take care of.

Advantageous location:Paying attention to the location when buying a house in Takanini is of the utmost importance. The pace of development, rent charges, types of renters as well as the vacancy rate, all are directly affected by the property placement. If the place is well developed and has all the modern amenities, it is bound to be in demand and draw good rent. Having good connectivity through public transport besides the presence of multiplexes and hospitals in the vicinity also increases the property’s value manifold. Keep all these factors in mind while buying a house in Takanini. Your concentrated efforts will surely help you draw the maximum returns.