The process involved in buying and selling property is complex and has significant repercussions. While you may consider proceeding with a real estate transaction without legal counsel, it's often advisable to have a property solicitor by your side. Here are some of the benefits of working with a conveyancing solicitor during property transfer transactions.
Dealing With The Formalities
The transfer of legal ownership of a piece of real estate involves the completing of legal paperwork. It also entails dealing with government agencies, building inspectors, and mortgage brokers. These formalities are time-consuming, and any small mistake can cause significant delays.
A conveyancing solicitor is experienced with satisfying all the legal requirements of property transfers. They'll complete all these formalities on your behalf in the shortest possible time. Your solicitor will keep your settlements with the vendor in order and arrange the required reports for the government agencies on your behalf.
Search and Boundary Issues
One of the essential roles of conveyancing solicitors is conducting property searches. If they discover a caveat on the property, your conveyancer will be able to handle it legally. A caveat shows that there's some other person, apart from the seller, who has an interest in the property. Your solicitor will ensure the caveat is removed from the title before proceeding with the purchase transaction.
Another issue that may arise during a property search is a boundary dispute. In such cases, the seller needs to fix the fence or other property that has encroached on the neighbouring compound. Conveyancing solicitors will ensure boundary issues are resolved before agreeing to proceed with the purchase of a piece of property.
Signing property contracts on your own can lead to legal implications that may be difficult to reverse. For example, you may move into your home only to realise that it requires significant structural repairs. One of the most critical phases of property transfer is the contract stage.
The contracts reflect the mortgage offer, the terms and conditions of the sale, and the deposit amount. Your lawyer will liaise with the seller's lawyer to ensure the terms and conditions in the contract reflect your best interests. Your lawyer will play a crucial role in ensuring you understand the implications of all the features of the contract and buy a house with limited flaws.
Buying property is a complicated affair that should be approached cautiously. To avoid paying penalties or spending money on repairs in the property, you should hire a property conveyancer. A conveyancing solicitor will help you deal with all the formalities, search and boundary issues, and drafting of contracts.
To learn more, contact a conveyancing lawyer.