Key Points:

• Not reviewing the Sale and Purchase Agreement (SPA) carefully

• Failing to conduct a title search to verify property ownership

• Ignoring hidden costs such as stamp duty, legal fees, and property taxes

• Delays in loan approval causing problems with transaction timelines

• Choosing the wrong lawyer or conveyancer

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Property transactions involve many legal steps, and a small mistake can lead to financial losses or legal complications. One of the most common mistakes is not carefully reviewing the SPA before signing. Many buyers and sellers assume that everything is straightforward, but there could be unfavorable clauses, unclear payment terms, or hidden fees that cause problems later.

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Another critical mistake is not conducting a title search. This step confirms that the property is free from disputes, encumbrances, or fraud. Skipping this process could result in buying a property with legal complications, which may take years to resolve.

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Buyers should also be aware of hidden costs such as stamp duty, valuation fees, legal fees, and maintenance deposits, which can add a significant amount to the overall cost. To avoid delays, buyers should ensure their loan is approved before committing to the purchase to prevent last-minute issues.

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Hiring an experienced conveyancing lawyer is crucial. A professional will handle all legal paperwork, conduct necessary searches, and ensure a smooth transaction without any unexpected surprises.