Why Should I Hire A Real Estate Lawyer?
Real estate transactions will likely be one of the largest and most important purchases of your life that is why hiring a real estate lawyer is advisable. Whether you are buying, selling, or dealing with some other real estate transaction, a real estate lawyer can help you. There are many people involved at various stages in real estate transactions or disputes. Any one of them can make a mistake, potentially costing you a lot of time and money, and potentially your property. For example, if you are purchasing a home that is discovered to have an illegal unit or addition, tenants in residence, or if problems exist with the title to the property, you will likely have to take some legal action to remedy the situation. To avoid bias opinions, you should NOT rely on legal or real estate advice from the seller or one of the agents of the property (even if they are also an attorney). A seller or an agent makes money when the property is sold; your best interest may not be in their best interest. It is important to have a real eatate attorney, who is only looking out for your concerns, review all real estate documents for accuracy and for your protection. Real estate law can be a complicated and time-consuming experience, a real estate lawyer will be able to help you navigate through property law.
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When buying or selling a property:
Don't sign anything without first seeking advice from your Legal Advisor.
Do see your Legal Advisor before you start the process.
Don't over-stretch yourself by borrowing more than you can afford to service in interest charges, not just now but in the longer term.
If you are buying do ask your Legal Advisor about the different types of home loans and the implications for you if you should sell before the end of a loan term, particularly if it is a fixed term loan.
Do seek advice from your Legal Advisor on the best method of selling your property: multiple listing, sole agency, tender, auction - remember your Legal Advisor gives independent advice.
If you are buying don't be persuaded into buying something that doesn't meet all your needs.
Do be patient, and prepared to wait for that dream property.
Do be prepared to negotiate to get the best deal for you - your Legal Advisor can help with this.
Do check the property out at different times of the day, to ensure that the property gets the amount of sun you want. In rain-season you will often see the property at its worst.
Don't be fooled by a recent renovation or redecoration designed to mask the flaws of a property. A property that is in its original state means you're not paying for someone else's "improvements" - which might add to the price but not the longer term value.
Do ask questions about the state of the property generally, its age, its wiring, plumbing...
Do ask your Legal Advisor about the other checks you should do - such as getting a builder's report, valuation report or obtaining a Land Information Memorandum from the Council.
Do trust your instincts - is there something that is not quite right about the property?
Don't sign an unconditional contract (cash offer) unless you are certain you want the property at the price contained in the agreement and you know you have all the required finance secured - and you've taken advice from your Legal Advisor.
Do have the agreement faxed/mail to your Legal Advisor, if you need some urgent advice, before signing it.
