Time has come and you have actually found the dream home you have been looking for. Then the formalities take center stage – the legal process where you buy or sell a home.
It is a wise thing for all the parties – buyer and seller – to involve a property lawyer in navigating the process due to the legal requirements of the same. It is not legally necessary to involve a property lawyer, however, the whereabouts of property agreements can be quite a nut to crack for a layman.
The real estate agent will ask both the seller and the buyer to provide them with the contact details of the property lawyer for purchase and sales agreements, thus; it is the best thing to do enough homework ahead of the process and have one in mind.
What is Property Law?
This is the process where ownership of legal property or land is transferred from one person to another. A typical process of property lawyers has three stages namely before contract, before completion and after completion.
Who is a Property Lawyer?
A property lawyer is someone who is highly educated and professionally qualified to provide information and advice regarding the sale of land or property, prepare the necessary documentation as well as conduct the whole settlement process. A conveyancer is not necessarily a lawyer; however, solicitors usually take up this work.
Some of the reasons as to why you should involve a property lawyer is when buying or selling property, subdividing a piece of land, updating a title (registering a death) and registering, removing or changing an easement.
The Role of Property Lawyers
For the seller, a property lawyer will ensure that they complete and sort all the legal documents as well as represent them and respond to any questions posed by the buyer. On the other hand, the buyer gets covered in quite a number of areas by the conveyancing process.
Here, a lawyer prepares, clarifies and lodges all legal documents, for instance the memorandum of transfer and the contract of sale; researches the details of the property and its title deeds and any other vital information that needs to be addressed; puts the pledge amount in a trust bank account; calculates the adjustments on rates and taxes; settles the property on behalf of the buyer, provides advice on when the property is settled and contacts the bank when final payments are made; and represent the buyer’s interests with their agent or vendor.
Finding the right Property Lawyer in Melbourne
Just like in other professions, lawyers are not the same. Take time to interview them in a similar manner you would do for a real estate agent. You can also get referrals from your friends for the best professionals around your area. Another great place to look for is online or ask someone you trust, like a lawyer or accountant.
Once ready with your potential property lawyer, contact them and ask them about their services and try finding the one you are comfortable with as well as meets your selling or purchasing needs. You may find specific property lawyers for apartments, subdivisions, cross leases and so on.
After you find one, run a background check to ensure the Melbourne Property Lawyer is legally allowed to practice and eliminate any complaints against them.