Buying a house can be stressful time. The easiest aspect is actually inspecting houses. Once you have decided on which house to buy, there are several other elements that you have to be aware of as well. Paperwork is the most important aspect of negotiating a house deal. There are several documents that are mandatory in buying a house, so here is a rundown of what you will need.
Secure the Title
The title (also called ‘deeds’ in some countries) is the most important document that should be in your possession. A title gives you legal right to possess the house you are buying and transfers ownership from the previous owner to you. If you are unsure of your own knowledge or ability to handle legal matters, it is better to hire a licensed solicitor who will take care of the nitty- gritty of the business. Examine the title closely to make sure that it includes all the details of the transfer, such as listing all separate buildings or plots of land that make up the property you bought both before and after the title has exchanged hands. If there is a mortgage involved for yourself or for the previous owner, your solicitor will have to overlook transferring the mortgage to you, the new owner, or drawing up paperwork to cement your own payments.
Inspect for Insects
This is not a mandatory matter in some areas, but it is a practical concern that will save many dollars in the future. Pre purchase pest reports in Gosford are offered by many pest control services as they understand the importance of eliminating pests; pests such as cockroaches and rodents will cause wear and tear that degrade and devalue a house. They also carry diseases.
A pre purchase pest report will give you information on the condition and maintenance of the house by the previous owners, and may even assist in negotiating a price based on quality. If it is a brand new house, the report will inform you how pest- resistant it is, and project the value of your investment.
Water and other utility documents
Based on whether you are buying a brand new or lived- in home, the nature of these documents will vary. A brand new home will already have licenses and the necessary applications for water, electricity, gas etc. laid out. All you have to do is take possession. For a lived- in home, the process might be more complicated. It involves transferring ownership status from the previous owner to yourself. Utility payments are complicated because in different parts of the country, they may fall under the purview of different administrative bodies; therefore it’s important to complete paperwork before thinking of moving in.