As a home seller, it's easy to underestimate the amount of work involved and the detail that goes on behind the scenes in order to ensure that the property changes hands without any issue. Yet there are many potential problems along the way, and someone who is unprepared or inexperienced could easily fall into a trap that could affect the outcome, both practically and financially. If you're about to embark on this journey, then you may be thinking about how you could take on a lot of this work yourself, but would you know what to do with 'Form 1', as just one key example?
Obviously, there are many different items of paperwork involved in a complicated real estate transaction like this, and Form 1 is a document that is required under the relevant legislation. It is basically a statement from the seller that will contain a lot of detail related to the property, and it must be both inclusive and accurate, or problems could ensue.
For example, the property in question may be the subject of an easement or restricted covenant. These technical terms may be far-reaching and could significantly affect what the new buyer could or could not do with the land.
An easement may detail the rights of a neighbour to pass over the land in question in order to access their property, and as this right is typically registered, it must be disclosed.
A restrictive covenant, on the other hand, may introduce a limitation to the use of the land, which could severely restrict what the new buyer may be able to achieve. For example, they may not be able to chop down some mature trees that may be right in the middle of the proposed development.
In both of these cases, the relevant documentation should be obtained and attached to the Form 1 so the potential buyer has all of the information readily to hand. Whether they have been told about the situation verbally during the negotiation or not, they must be served this information formally as part of Form 1.
These are just a couple of the key details that have to be included in this section, and big problems could arise due to omission or error. Therefore, you must always ensure that a Form 1 is attached to your documentation as you move forward towards the sale. You cannot afford to be blasé about the details.
Working with Experts
To be as safe as possible, always work with an experienced conveyancer. They will know all about the various items of paperwork and ensure that everything is present and correct. Contact a company like West Legal & Associates to learn more.