The acquisition of real estate is a legal process that involves signing numerous documents. Why should you not hire a lawyer to guide you and give you educated advice as you go through the often complicated and confusing process of buying your dream home?
There are numerous personalities who can help you purchase a property. There are mortgage brokers who will scour through the list of lenders in your area and find the best interest rates and deals that work for your budget or lifestyle. A real estate agent will learn what type of house you are looking for and match you with listings that have all the features that you need. An inspector will assess the house and enumerate every flaw or damage that may become a problem in the future.
A lawyer oversees the legalities of it all.
Technically, you do not need property settlement lawyers to sell or acquire a real estate in Australia, but it will benefit you to spend a bit more to pay another professional to walk you through the process. Here are only some legal issues that you might encounter when buying a house.
Interpreting Terms of the Contract
All the documents that you sign throughout the entire process of buying a house is a legally binding contract. Before you happily write your name on another piece of paper, ask yourself, do you really understand what it is about?
This is when having a lawyer, who knows the local and national real estate laws, would be convenient.
Your lawyer will go through every document and contract before you sign it to advise you. They will point out when a term or a clause is not beneficial to you.
For example, it might be easier to dupe a buyer, who does not have a lawyer or an agent representing them, to cough up more money to close a sale. Many buyers find themselves being required to pay unexpected costs because they signed a contract.
In the long run, it might be more expensive to not hire a lawyer to look over documents when you are buying a house.
Verifying Ownership of the Property
Many things can happen that can cloud a title. If a couple, for example, acquires a house together and then gotten a divorce, if both parties are still on the title, then there will be an issue on ownership. The rival owner might challenge the sale and cause problems.
Although a house can be sold without clearing the title, it is recommended. Most lenders want the house to have a clear title before a loan is released. This is to ensure that there would not be disputes after closing.
Research, therefore, is necessary to make sure that the title is clear. This involves going through records of the house to see past sales, transfer of titles, and liens — anything that may affect the sale or cause an issue for the buyer later on.
Liens, which are placed by a constructor if the homeowner cannot pay for services, will prevent you from reselling the property down the line. A lawyer will prevent any trouble.
New Flaws Appearing
During the final inspection of the property, you might notice a serious maintenance issue or flaw that you think will cost expensive repairs and replacement. You will have to discuss the condition of the property with the seller before the purchase pushes through.
Your lawyer will help you.
Buyers have certain rights under the Contract of Sale, and it includes disputing any damage that the property may have. Your lawyer can help you negotiate with the seller and, if you want, back out from the sale.
Seller Knowingly Hid a Flaw
The nightmare may not end once the title of the property has been transferred to the buyer. It is quite common for a buyer to find major defects that they did not notice during inspections.
A seller is required to disclose any flaw that a property has before the sale. Some, however, may try to hide damages that may impact the final cost of the house and the buyer’s willingness to close the sale.
If it happens after you have signed the contracts and paid the seller, your lawyer can give you advice and tell you what you can do about the situation.
Because buying a house is a huge investment, you are advised to take all precautions needed to ensure that you are getting your money’s worth. Hiring a lawyer to give you advice and walk you through the process will grant you peace of mind as you fulfill your dream of becoming a homeowner.