Buying Or Selling Over The Christmas Break

Posted on May 3, 2007 by | 0 Comments

Consumers Beware!Consumers are warned to take care when buying or selling over the Christmas and New Year break, as most law office and banks will be closed.

If you have your property on the market, or you are intending to purchase, be aware that most law offices and lenders will be closed over the Christmas break, and assistance may be hard to find. Remember, non-lawyer conveyancers are unable to offer any legal advice or to perform legal work for consumers, and those who pass on legal advice from their own lawyers may be unable to do so.

Here are a few things to watch out for:

· If borrowing to make a purchase, make sure that your lender has sufficient time to approve your home loan. Do not accept an estate agent’s assurances that you can obtain an “extension” of the finance condition, as you will probably find that your contract does not allow for such extensions.

· If you buy a property during the Christmas break, add a special condition that makes the purchaser subject to your lawyer checking and approving of the Section 32 Vendor’s Statement and the Contract of Sale.

· If selling a property, ensure that you can contact your lawyer during the Christmas break for advice on any special conditions added by a purchaser. Take care in accepting an offer if you are unsure as to the legal effect of its terms and conditions – do not accept the estate agent’s explanation unless the estate agent is prepared to commit the explanation to writing first.

These a just a few tips, but they represent the problems most likely to arise in sales and purchases during the Christmas break.

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