The process of buying or selling a property can be exciting, but nerve-racking to navigate. In this article we will address some of the main responsibilities of a lawyer and behind the scenes of your property purchase or sale.
A property lawyer can gather the right information and recommend the right connections to make sure your finances are in order and review the contract when you sell or buy. Clients are often startled by the amount of paperwork in a purchase or sale deal, and this may feel overwhelming.
Here are a few ways property lawyers bring value to you in real estate transactions:
- Advise you on the legal aspects of selling your property privately or tell you the obligations of the buyer
- Help you write up the sale and purchase agreement
- Check over amendments to the sale and purchase agreement while you are in negotiations with the buyer
- Liaise with the buyer’s lawyer
- Receive and hold the buyer’s deposit into trust account
- Arrange the release of mortgage documents as required by lending institutions, and arrange mortgage payments
- Receive final payment from the buyer’s lawyer and arrange keys to be transferred
- Arrange for the transfer of rates payments as at the settlement date
- Forward a notice of sale to Land Information
When should you be contacting a property lawyer regarding buying or selling a property?
Onboarding a lawyer as soon as possible is the wisest thing you’ll ever do. Once a property lawyer is involved, he/she can start working to protect either of the party’s interests. All too often, a fact or item incorrectly set out or completely overlooked in the original sale contract develops into a legal issue or matter of dispute between the buyer and seller. Such issues can be avoided by obtaining legal advice from a property lawyer early in the process.
Having legal counsel makes good business sense because of the complexities that come with real estate transactions. Experienced property lawyers can help to protect your interests. They ensure that your transaction adheres to the applicable rules of your state and municipality. That way, the settlement process can work to the satisfaction of all parties involved.
Invest in a property lawyer now and avoid big mistakes that you may regret later.
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