Buying property is probably the single most significant expense you’ll experience in your lifetime. As such, making the right decision in a market you know little or nothing about can be quite taxing. Plus, it also involves property law, which has its unique framework and statues you need to understand. Keep in mind that there is also the task of conveyancing, which involves completing paperwork and ensuring correct details.
You can save time by seeking legal advice to handle the whole process. This post is going to provide some reasons why you need one. Read on to learn more.
1. Ensure Correct Title
Freestanding houses usually come with a freehold title. For other types of property, there are different titles. A specific title may also have its own unique set of legalities you need to know. You need a property lawyer who understands laws surrounding ownership titles to guide you through every step.
For example, in Australia, there is the Strata Title system that handles the legal ownership of a portion of a structure or building. There is also the Company Title system that does the same. Each of these systems has its own benefits and limitations, as well as unique legalities. You also need access to databases that allow you to perform title searches.
With a lawyer, you can easily verify titles and ownership to ensure safe transaction and purchase.
2. Do the Paperwork
The amount of paperwork you’ll do depends on the type of property you want to purchase, its location, and the kind of ownership. They include contract, exchange, land transfer, settlement, mortgage, and ownership type paperwork. These documents need to be precise and accurate to prevent possible future problems regarding property ownership.
For example, the contract usually comes with different documents, such as drainage diagram, zoning certificate, title certificate, and a plan for the land. Having a person who understands the approach and policies of these documents can help streamline the whole process. This is also important particularly when you’re buying the property with a friend or family member.
It’s also important to note that the legal paperwork for buying property varies from state to territory. So, you want to have a person who understands the paperwork of the state where the property is located.
3. Get the Conveyancing Done
The conveyancing process simply involves the legal chunk of the buying process. Here you can either engage a conveyancer or property lawyers, wherever your property is located. Getting a lawyer who is adept at both property law and conveyancing would be desirable. Alternatively, you can work with a law firm that offers both experts to work on your property purchase.
Typically, their role is to help you understand local and national planning regulations, heritage overlays, corporate constraints and permitted uses of the property. They’ll help prepare and clarify documents, such as contracts and transfer memorandum. Your lawyer will also help you understand the taxes and rates of the property.
Also, they can handle the who process on your behalf, including conducting property inspections, contacting your bank about the property transactions and settling of the property.
The Bottom Line
Owning a property is one of the biggest milestones in life that comes with a host of benefits and freedoms. But before you get one, it behooves you to work with a property lawyer to ensure a feasible purchase process. A lawyer will do all the heavy-lifting of the deal and settle the property on your behalf. Some transactions can take months to complete, so you want someone who is there for you during all that time.