5 Clichés about Land Documents You Should Avoid Like a Plague
Many people have fallen into the trap of acquiring land documents that have given them sleepless nights. It is advisable that when dealing with real estate properties, one needs to be very careful with even the tiniest of details in order not to become a victim of what should have been avoided. Here are 5 common clichés about land documents you should avoid like a plague.
1. INCLUDING ALL REQUIRED PARTIES IN THE LAND DOCUMENT IS NOT COMPULSORY
This cliché should be avoided because it is very dangerous for a document not have the signature of the buyer and seller. Without their signature, there will be no closed deals as both parties will not be required to buy or sell. It is also important to carry your spouse along in the buying process. Most people try to sell or buy a property without their spouse being part of the buying or selling process and this can slow down transactions or make it void. An individual will not be able to acquire a loan to purchase a property if his/her spouse does not sign the contract. The spouse is required to cooperate in obtaining the loan to purchase the property. Without the signatures of both parties, the contract can be terminated and this is a plague to avoid. Also, it is important that you have the spelling of the parties name correct. You must write their full names as it appears in any other document. It is important to ask everyone involved what their legal name is and make sure nick names are not added to the document. If any party has a middle name, it should be included as part of the full name. In any land document, these signatures are very important in carrying out full land dealings. Now that you know about it, you can’t afford to make a mistake as this can be avoided.
2. TIMING DOES NOT MATTER
Requiring an unrealistic negotiations or loan to be delivered at an unrealistic period of time can make a buyer to cancel the contract and this makes timing very important. No matter how flexible every party in the deal seems, do not nail anyone down for a deadline on transactions. Putting people in a tight box can make them become uncomfortable. Therefore, you should give a good amount of time to carry out all that is required in the document by consulting with the buyer or seller about a convenient timeline. An unrealistic time frame can jeopardize a contract and can never close a deal. The buyer is faced with the right to always terminate a contract that is not favourable and if a landed property is very important to you, then you will discard this cliché and avoid it like a plague. Also, if a party do not enforce the specified time limitation in the document, it can no longer be enforceable. Time is of the essence and that is why one needs to be careful when it comes to landed documents.
3. DESCRIPTION OF PROPERTY MUST NOT BE GIVEN IN FULL DETAILS
This is another cliché that needs to be avoided at all cost. It is advisable to go as far as giving specific description to a landed property rather than listing its address alone. The document is meant to describe the land in full details so that when there is a change in address or property, it can still stand. In a nutshell, be as specific as possible when describing your property.
4. LEAVE RANDOM CONTACT INFORMATION
When it comes to land documents, contact information is very important. Leaving random information should be avoided as land document needs specific contact information. It is important to provide the address of all the parties involved as this also helps for legal purposes especially when you want to give an official notice to a party. If the address for notice is not completed for a seller or buyer, it becomes difficult for the other party to get a notice. If a buyer wants to terminate a contract and can’t find an address for the notice, this becomes a problem especially when the time frame is very short. Without specified contact information, a party will become hesitant to attempt notice.
5. IT IS OKAY NOT TO FILL IN THE BLANK SPACES BECAUSE WE ARE HUMANS AND WE MAKE MISTAKES
It is true that most of us are pretty occupied with a lot of day to day activities that sometimes we get a little lost when filling a document but the cliché of not taking blank spaces serious should be avoided. Failing to fill in blank spaces is almost as having a void document and should be avoided as this could be a disaster. Take the time to go through all the documents especially the final contract before it is submitted and make sure all blank spaces are filled. When filling those blank spaces, do not forget to fill in the date as well. Not adding a date on a document always happens to even the smartest guys. This should be avoided as it can render a document void. A contract is enforced based on the date it took effect and failure to add an effective date could also result in a buyer not being able to terminate the supervised contract.
You have gone this far in getting to the deal but it is up to you to work hard towards keeping the deal so you do not fall victim of these common clichés. Not paying attention to the details in the document can lead to serious loss for you and the other parties involved. Try as much as possible to avoid all the above listed clichés in order to have a stress free and happy land transactions. It is also advisable to work hand in hand with a professional and reliable real estate agent in order to avoid these clichés. Real estate agents know all that there is in the real estate industry and they can always help you avoid these pitfalls so you do not find yourself stuck along the journey.