Property Settlement: Don’t Make Any Of These 5 Mistakes
It is all too easy to be caught up in the excitement of getting ready to receive the keys to your new home and take your eye off the ball when it comes to checking every about your property settlement is as it should be.
Using someone like the Sydney Law Group will help ensure that your interests are taken care of and any potential errors with all the paperwork are eliminated. You will be surprised at how often mistakes happen at the property settlement stage of your transaction. These mistakes could be costly and delay the completion of your transaction.
Mistakes To Avoid In Property Settlement
Here is a look at some of the classic property settlement mistakes to avoid.
Witnessing A Signature Incorrectly
One of the most common mistakes made with settlement documents is when you witness the signature of another party to the loan, such as your partner.
It is important to understand that you cannot witness the signature of someone who is also party to the loan. If you are signing to witness the signature of your spouse, for instance, that will not be accepted.
Make sure you get an independent witness who is over the age of 18 to witness your signatures.
Allow Plenty Of Time To Complete The Discharge Form
When you are refinancing a loan, for instance, it is imperative that you complete a discharge form as quickly as possible.
It can take up to 30 days for a lender to complete a discharge. If you don’t get this done as soon as you can you could be facing a delay to settlement while you wait for the lender to respond.
Try To Avoid Funding Miscalculations
You will need to be fully aware of all of the costs involved so that you have enough funds available to complete the settlement.
Talk to your lawyer at an early stage to get an accurate calculation of how much you will need. Stamp duty fees, bank fees, and a number of disbursements that often get overlooked can often result in a funding shortfall.
You don’t want to be scrambling around trying to find extra money and delaying settlement. Check exactly how much you will need to complete the transaction.
Check Your Insurance Policy Carefully
Most of us are guilty of not paying enough attention to the wording and terms laid out in an insurance document. If you don’t spot any errors on your insurance policy beforehand it could delay settlement when you have to get the document amended.
Be Efficient In Returning Documents
When you don’t return documents in a timely manner you run the risk of delaying settlement.
Be diligent about meeting timeframes and deadlines with all documents sent to you for checking and signing. Your property lawyer and other interested parties will likely stay on top of the process but it helps if you respond as quickly as you can.
If you don’t want any delays to your property settlement, make sure you follow these simple but essential tips.
