Whether you’re buying or selling a property, you should safeguard yourself and your assets against any unforeseen curve balls. Whilst the sale, or purchase of a property may seem straight forward, on paper, plenty of people who’ve thought the same way have found out the hard way that things can, and usually will change at the drop of a hat with little, to no warning. Normally they will have to ‘quickly’ find a lawyer to try and clear things up which, sometimes can be a little bit too late. The secret is in the planning and protection which should be done before you even start entering into negotiations, you’ll benefit from;
Property Buyers Protection
If the deal is not properly handled, while purchasing a property, you may find yourself obligated to acquire a misrepresented building or piece of land with no way of un-doing the agreement you’ve entered into. A real estate attorney can assist you in ensuring that your interests are protected during the transaction and that, you aren’t buying a money pit.
A lawyer, for example, would ensure that the contract includes a condition allowing you to back out if the property you’re buying fails an inspection – something you might not be able to do without legal help. A real estate lawyer can also look through the plans for any hidden fees or unusual conditions that could save your bacon by the skin of your teeth.
Property Seller Protection
When it comes to selling property, real estate attorneys can be a life saver, as a seller, you may face significant liability problems if your sales contract is not correctly structured. A lawyer will ensure that terms in your contract protect you financially, if a buyer discovers a major flaw in the property after it has been purchased. Companies such as CK Lawyers Conveyance Solicitors can also safeguard you against buyers who cancel agreements at the last minute or fail to satisfy their financial obligations on time.
Prerequisites for a Mortgage
It’s quite common that mortgage companies will require buyers to consult with real estate attorneys before they will approve funding. This is to ensure that the purchase contract is free of errors and that all necessary paperwork has been filed. Buyers who fail to seek legal advice when their mortgage brokers request, it may have their loans cancelled, or have to spend out on an emergency lawyer service.
Protecting your largest asset
If you consider the potential consequences of something going wrong when buying or selling a property, then it makes complete sense to hire a professional who can ensure you don’t run into any problems and, if you do, can intervene to aid you legally.