Reasons Why You Need a Lawyer When Selling or Buying a Property
There are so many different things to think about when you're selling or buying a property. It's important to pick the right real estate agent and get all your documentation together. Because of the large sums of money involved, many people bring lawyers into the legal process. If you need any convincing that this is a good idea, read on because this article will explain why.
They Help With Purchase And Sale Contracts
These documents outline all the obligations and rights you have as a property owner. If there are any changes to the purchase price, it must be written down in this document so that each party involved can see what has been agreed upon. The purchase and sale agreement also lays out how much money needs to be paid at closing, such as earnest money or deposit. Lawyers help ensure that both parties understand their responsibilities, and they can look over your documents for mistakes or missing information before you sign them. This can help prevent costly legal errors from appearing later on after the purchase or sale has been completed.
Not many people are aware of all the fine print and technicalities involved in the sale and purchase of buildings. For this reason, you may need a real estate lawyer who can provide things like title insurance services, closing services, and escrow services. Legal help is also indispensable when it comes to landlord/tenant issues and evictions.
They Help With Deeds
A lawyer can help you with deeds and transfers of land, which are essential when buying or selling properties. You need to get your title deed (if it isn't in electronic form) re-issued by the Deeds Office after changes have been made. Your attorney will ensure that all documents are filed correctly and on time to reduce unnecessary delays.
The lawyer would also inform you about any outstanding debts attached to the house such as rates arrears, unpaid loans from financial institutions, etc. If these aren’t cleared before transferring ownership, they would become part of the new owner's debt. Lawyers will save you from potential legal battles, e.g. if you failed to disclose any information at the time of purchase/sale.
They Help With Taxes and Fees
A lawyer will ensure that all taxes have been paid before you're handed over the keys of the house. They'll also look at things like transfer duty and city improvement levies etc. You might also need a clearance certificate or a good-standing letter that confirms there aren’t outstanding fines on the property (such as for building violations).
These certificates can be obtained from governmental departments such as council offices or the Public Works Department (PWD). In some cases, your attorney would request these certificates on your behalf.
They Deal With Any Problems At The Closing Date or After Settlement.
The lawyer will ensure that all the correct paperwork is in place to complete your transaction successfully. For example, if you are dealing with a developer there would have been contracts drawn up before you entered into negotiations, but these might need updating - depending on what has changed (e.g. construction progress updates, etc.).
It's never wise to go it alone when a solicitor can ensure that all the changes have been documented correctly and that the relevant parties are featured on the contract.
They Ensure That All Contracts Are Valid and Legal
There are some contracts that have to be stamped by the court before being valid, for example, a sale agreement. If you’re buying or selling a house, your lawyer would draft up all the necessary documents, including details of any covenants attached to the property.
One example would be if there was an obligation on your part not to sell liquor from the premises. This requirement would need to be included in either the deeds or lease document, depending on whether it's freehold or long-leasehold, respectively.
They Assist With Any Financial Difficulties After the Sale
Two examples are if your house is repossessed or if there are legal disputes about unpaid bills etc. Lawyers know how to challenge any action taken against you by banks and other creditors. They can represent you in court as well as during negotiations. In turn, this can save you a lot of money by avoiding further interest charges on loans/credit cards, etc.
Lawyers will deal directly with the lenders who have taken ownership of the property and then pay out what's owed to the original owners under the terms set out in the contract (the sale agreement plus possible extra fees related to foreclosure, resale, etc).
They Help With Quiet Title Actions
They are sometimes necessary, and they cover issues related to the first sale of real estate. For example, if someone other than the true owner has an interest in the real estate and wants to sell it, they should take care before doing so because all subsequent transactions could potentially be invalidated by a quiet title action.
A lawyer can help you determine whether one is needed (and what course best suits your needs). When dealing with any legal matter involving land titles or interests in land rights, hiring counsel will save time and money, as well as unnecessary headaches later on.
They Help With Partitions
If you don't want to go through the hassle of dealing with these, hiring a lawyer is your best option. They will help ensure that all documents are up-to-date and are properly handled throughout the process. Partitions can be quite complicated, so it helps to have someone experienced who can walk you through the entire process.
As you can see, the world of buying and selling property is both complex and varied. By acquiring the skills and experience of a specialist lawyer, you can have extra peace of mind. They will tell you what you need to do, and make sure that your interests are always protected. Then you can focus on the next stage of your life, be it moving in or buying/selling another property.
