Why Buyers Need Property Legal Advice When Buying Properties
When buying properties, you need to know if the property meets your requirements or expectations. Your decision is entirely yours however in order to avoid future regrets or problems; seeking professional advice from property lawyers will not only save you from future damages but also buy the property that fits your expectations.
Why you should get property advice?
First of all, it gives you a sense of security. The advice might not be always from professional property lawyersbut can be from people who had extensive experience of buying or acquiring properties. However, even experienced people have horrible stories of buying properties that had them involved in long legal disputes or in costly repairs and maintenance. With professional property advice, you’ll be able to check the property accordingly on locations, size, age, certifications, and other legal issues like tax and ownership infringements.
Transferring the property titles from the seller to the buyer is called conveyance, which you can do on your own if you have the skills and the ability. You must undertake all possible means to ensure you’re obtaining a good and marketable property title and that there is no any factor that would impede the sale or transfer of title. It will save you from nerve-wrecking experience.
However, if you decide to the hard work, here are three most important steps to take to ease the process and eliminate damages or future legal disputes.
Make a budget to cover all cost
Allot at least 5% to 7% of the purchase cost to cover all cost for fees like land and registration fees, Strata Inspection fees, Survey fees and Building insurances. When handling all the sales work, you still need to allot at least 1% to 2% of purchase cost for legal fees.
Consult a lawyer if you’re an overseas buyer
If you’re an overseas buyer, you need to hire property lawyers to help you understand the conservative atmosphere of the Australian government. You need to obtain visa and comply with residency requirements before buying a property in any states in Australia. However, a family lawyers can help you assist in dealing with visa and residency requirements.
Check for links and details for all persons you deal with
Always check for sales agents’ license or certificate of registration especially when buying property for investment. If you’re not hiring commercial lawyers, Australian government agencies like Home purchase Advisory Service, The Law Society of NSW gives free advisory assistance.
Buying a property is the most expensive experience to take and you should make the right move to save you from expensive loss.