Many people do not think they need lawyers when buying or selling their property. Some people even conduct closings using notaries.
Few people manage to complete transactions without hitches. However, what happens when there is a flaw in the deed transfer?
What about forgeries and missing heirs, how do you deal with them? Undiscovered liens can also derail any deals you have or cause hassles in the future.
That is why you need to include a property lawyer before you make any big decisions concerning your property. For example, when title insurance does not protect you against some legal disputes, what do you do then? Remember that it is only licensed attorneys who can address any legal issues that arise as a result.
In other cases, it could be a title defect. Say a property you want to repurchase dates decades. It might get claims from heirs or previous owners that would have been found early enough if you had had a lawyer do a thorough title search. Other times, it could be that records are missing.
The lawyer’s job is to examine a transaction for any discrepancies to protect you from any legal issues in the present and future. That said, if you are buying property, here are four specific reasons you need legal help:
No more paperwork
The legal process that comes with purchasing property changes with location. However, it includes some documents such as the contract paperwork that details what is for sale, and the settlement dates. It also has things like zoning certificates and plans for the land.
Conveyancers in Norwest help with this paperwork. They also help finalise the property transfer at the settlement. The paperwork involved can be very demanding. It pays to have the help of a professional to expedite the process.
Dealing with real estate agents and banks becomes easier
A property lawyer has a lot of experience dealing with the parties involved in the buying process for a property. They can use this experience to reduce for you a lot of stress.
Your solicitor will deal with real estate agents to find out where different properties you are considering are located and negotiate the dates of settlement. If you want a joint tenancy, they will arrange for it. They will also cater to your financial arrangements and advise if for example; you are a first home buyer to get stamp duty concession.
You can consult on land tax
If you are buying property as an investment, it may get land tax liability. The seller could request in the contract that you, who are buying the property, pay part of the tax.
As a buyer, more so if you will be occupying the property, you will not want to pay someone else’s tax bill. With the help of conveyancers in Norwest, you can negotiate this cost out of the contract, lowering how much you have to pay.
It will be easier to handle inclusions
A legal team will be able to advise you regarding the accuracy and completeness of the list of inclusions. By default, all the fixtures should be included in the list without even having to be named.
By law, a fixture is something that is meant to remain in the property permanently. On the other hand, fittings can be carried away.
Conveyancers in Norwest will help you to determine that all items that remain in the property are marked as inclusions. Fittings are marked as exclusions. The idea is for you to be protected from any possible future disputes.
A lot goes into buying a property which unfortunately also means that there are as many opportunities for something to go wrong. An excellent legal service should protect your interests alone. Contact a conveyancer today to seek help when buying a property.