A solicitor is one of the most vital personnel you will require as you purchase property. He or she will handle the legal aspects of the purchase to protect you from future liabilities. Read the extract below to get a better understanding of why you require a property solicitor.
Real Estate Advice
Most property solicitors are experienced real estate professionals. As such, they will provide invaluable advice regarding;
Your solicitor will conduct a title search to determine if the property is registered under the seller's name. He or she will also check the local council's zoning regulations to determine what developments you can put up on the property. Your solicitor will provide you with a copy of the owners corporation and resident association bylaws. These might determine where you park your car, what pets you should keep, and the colour, type and height of your fences. Finally, the solicitor will ensure that the property is not under any dispute and that its title has not been used to secure a loan.
Loans and Financing
If you intend to purchase the property through bank finance, your solicitor will advise you on a suitable mortgage. For instance, a construction loan is ideal if you want to build a house. On the other hand, a shared equity loan has low interest rates, but the bank will have a share in the property's appreciation. The solicitor will negotiate interest rates and ensure the bank makes timely payments to the seller.
The solicitor will negotiate the purchase price on your behalf. He or she will also ensure that the contract of sale has reasonable terms and conditions. For instance, the contract should have an inspection contingency that allows you to back out of the deal should the inspector find that the house is not habitable. Besides, it should compel the owner to conduct renovations.
A skilled and experienced solicitor will give real estate advice, conduct due diligence, evaluate your financing options and negotiate the purchase price on your behalf.
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