All individuals aspire to own a house and plan their financial investments and savings accordingly but when they finally decide to acquire such an asset, most of these individuals do not consider taking legal help in the matter. Hiring a real estate dispute lawyer right from the first stage of negotiations to the closure of the deal at the end will be helpful in safeguarding the interests of the buyer. Engaging a property dispute lawyer will be extremely beneficial as the professional can provide valuable guidance on a range of issues, some of which are being listed here.
#1. Negotiating With The Seller
A legal professional well-versed in laws regulating the sale, purchase, and development of real estate assets can be a valuable ally while negotiating the purchase of a house. More often than not, it is the broker who is involved in the process of negotiation and it is a correct practice but keeping a lawyer by your side will also be helpful. These professionals are adept at presenting their client’s cases and they will use the same skills to ensure that the person buying the house gets a favourable deal.
#2. Verification Of The Ownership Documents
One of the most important aspects of purchasing a real estate asset is verifying the proof of ownership provided by the seller. A lawyer can be of great help in this regard as he/she can easily ascertain the genuineness of the title and cross-check all the information provided by the selling party at the local authorities responsible for registering property transactions. The professional is also best-positioned to conduct the title search to check the ownership history of the property to spot any points that can affect the buyer in any manner.
#3. Conduct A Background Check Of The Seller
Just as it is critical to verify the ownership documents of the property, it is important for people to ascertain the identity of the seller. Lawyers can assist in this matter by conducting a background check to establish that the person selling the asset is a legal resident who is not in barred by the law from owning and selling the piece of property in question. Some assets are owned by organizations and in such cases, it will be pertinent to ask the legal adviser to find out whether the person conducting the negotiations on behalf of the organization has been authorized to do so.
#4. Compliance Of All Building Regulations
Another area that legal adviser can prove to be of immense help is in finding out whether the building has been constructed according to all the specified regulations. Buyers must look out for any such violations as they can create problems for them in the future. Zoning laws govern the usage and development of land in a particular area and it will be pertinent to see that the house is in compliance with the latest regulations.
#5. Helpful In Identifying Unreasonable Terms
A property dispute lawyers will come handy in identifying any unreasonable terms that may prove to be detrimental for the client and impede his/her right to enjoy the property after purchase. It is seen that people use standard formats for agreements hoping that they will cover all aspects of the deal but each transaction is unique in nature and requires a different approach. A legal adviser will not only help in removing any unwanted conditions but will also insist on the inclusion of appropriate ones.
#6. Drafting A Proper Purchase Agreement
The most important document that formalizes the transaction in a property transaction is the purchase agreement. Extreme care is required to draft this document which must include information about the price of the house, any alterations made to it and whether they are of legal nature or not and the consequences for both parties if the deal is not realized successfully because of either of them. No one other than a lawyer can prepare a carefully worded purchase agreement that contains all necessary information and takes into consideration all possible eventualities.
#7. Understanding The Tax Liabilities
It is not only the seller of a real estate asset who has to keep track of taxation on the amount earned from the sale, but the purchaser must also know about all applicable tax liabilities. An individual buying a house is expected to pay taxes on the transaction and also the requisite fees for registering the sale at the designated local government authority. A lawyer specializing in property issues will provide all the relevant information well in advance to the client so that he/she can make sufficient preparations.
#8. Conducting A Physical Survey Of The Premises
Most people will think that a legal advisor has no significant role to play in the physical survey of the premises but again a lawyer can provide valuable assistance in this matter. He/she will ensure that the dimensions of the house as stated in the legal documents match with those of the actual building besides checking that no encroachment has taken place on the property.
#9. Closing The Transaction Successfully
The closing of the deal with the buyer paying the full price of the property and the title of the asset being transferred into his/her name is another critical part of the transaction that must be overseen by an attorney. A legal professional will be helpful in preparing the closing statement besides providing assistance to the client in understanding the deed and mortgage papers.
A real estate lawyer can be an invaluable asset in property transactions and all individuals looking to buy a house must enlist the services of a competent professional to get assistance in the process and close the deal successfully.