Why You Need A Lawyer When Buying Property

Buying a property is one of the largest investments you make in your life. Even if it is a one bedroom apartment the investment is massive. Many people are finding it very challenging to start and finish the process of buying a property. There are many things to consider when buying property. The location, the listings, your real estate agent and most importantly a lawyer. Many dread the idea of hiring a lawyer to represent themselves in the whole process. But it is very important that you have one at your side to avoid a number of complications when purchasing property.
Help with the brokerage agreement
This is the agreement you get in to when you select a real estate agent. They provide a legal document with details like their fee and the responsibilities of them as the brokers and you as the buyer and various other clauses. This seems pretty straight forward. However things always doesn’t go so smoothly. There are always clauses in agreements that you do not understand completely. And their lawyer may not explain everything to you as well. This is where you may need equine lawyers in Bendigo. They can explain you the common but hidden clauses and discuss them with the broker. For example the fee may include the number of listings they show you and you may have to pay even if you not buy any property from them. You may be liable for more than one commission. These kind of problems are faced by many people when buying property. It is important that you have a lawyer to advice you on these before getting in to the agreement.
Help with the purchase agreement
Purchase agreement is the document you receive after you have selected a property that you like. The purchase agreement has clauses that explain what will happen in each situation like if the property has been altered in any way and if they have does the changes agree with the council law, what will happen if you take a professional to check for termites and other insects in the house, is the plumbing and electricity lines are all in order and what if the property has hazardous elements and it is contaminated. These things should be addressed by conveyancing lawyers in Bendigo can help you prepare the agreement and also to go in to detail about the issues and discuss with the broker and the seller. It is important that you have a professional on your side. Most of the time you wouldn’t know these general things and buying a property is not a joke.
Establishing titles

Next step in the process is to transfer titles form the seller to the buyer. This is not easy and the insurance and various other things are affected by this. Transferring names and if there are any mortgages on the property they should be properly sorted and transferred the titles to the new buyer. A lawyer can advise you on this and help you get these ready on time.

This entry was posted in Legal Services. Bookmark the permalink.

Comments are closed.