It is a common dream for everyone to buy a home or property. Purchasing a property doesn’t only means dealing with direct financing but also dealing with refinancing that can be more complicated and may need legal advice. Many buyers experience disappointment and make mistakes because they ignore the importance of having somebody like a property lawyer or solicitor with legal skills needed in the process of purchasing a property. Here’s how having a lawyer can help ease the buying process for homebuyers and save them from disappointments and any legal impediments.
Drawing up and preparation of documents
The primary reason why you hire a conveyancing lawyer is to have him prepare all the documents needed in all aspects of a real estate transaction. Besides preparing, it is also important to clarify and lodge legal documents such as contract of sale, memorandum of transfer and transfer of land, permits, and documentation for financing. Your property lawyer will also check all documents and ensures there is no any encumbrance on the property. If you’re buying with a mortgage or refinancing, your solicitor, or conveyancing lawyer will supply and provide all of the legal documents to your bank or lender.
Knowing, understanding and learning the sales process
Acquiring a property for the first time could be something that you aren’t familiar with and a solicitor or conveyancing lawyer will not only guide you through the process but lets you know, understand and learn as there are differences in real estate regulations and laws from state to territory as well as the buying process itself. There are also different legalities for different property types, and your property lawyer can advise you if your prospective property is under a strata title or company title, and will advise you on the pros and cons and the legalities on each system. Whether you’re buying a commercial office, a warehouse or an older building or a portion of a building or structure, your property lawyer will help you know and understand every aspect so the buying process and the transferring comes off smoothly and with so much ease. Your lawyer will advise on when each stage takes place such as the settlement, which is six weeks after exchange of contracts or when stamp of duty has to be paid. Your solicitor would help you understand about the cooling off period especially when you’re buying property in the big cities and how it can be advantageous on your part as a buyer or when it’s not applicable. If you’re raising a fund with a loan or refinancing, your solicitor will help you regarding the types of loan you’ll be most qualified although in most cases, property lawyers don’t deal directly with the financing, he’s still has the legal skills in advising you if you’re buying a property with a mortgage or a loan.
Buying or acquiring a property either commercial or residential with a property lawyer is the best decision you can do if you want to enjoy the buying process to its full content.