North Shore Real Estate Lawyer
The Role Of A Lawyer In House Buying
A lawyer’s role in house buying is representing the buyer and protecting his or her interests. As such, if you are thinking of purchasing a home, then it is advisable that you find a lawyer who specialises in real estate and who is well-versed in your local area’s real estate rules, by-laws, and local zoning.
It’s advisable that you, first of all, see a lawyer before making any decisions or doing any transactions. When approaching a property lawyer, make sure that he or she advises/takes you through the procedures involved when it comes to purchasing a home.
Once you’ve come across a home that you are thinking of buying, have your lawyer look at the purchase contract before you sign it. This is vital since once sign the contract, then you are bound by it. It is, therefore, advisable that you get legal advice first.
Assuming that the contract is alright and you need financing, a mortgage is the most common option to go for. If you go for a mortgage and get a mortgage agreement, it is your lawyer who will work with mortgage loan officer, the real estate agent, and the seller’s lawyer until the purchase is completed. He or she will also contact other parties involved in the transaction and your local council to check on planning approval and building regulations.
Property lawyers also oversee the handling of important documentation including mortgage documents, the title deed, the legal description of the property, and other legal situations that exist or which may arise in the course of the purchasing process.
Being Careful and Vigilant
A professional property lawyer will pay close attention to all the details of your contract. This includes easements, compliances, local codes and other issues that lawyers handle when it comes to the purchase of a property. It is important that your lawyer receives the deed before you settle so that he or she can review it. Minor things like a misspelled name or errors in the property’s legal description could cost you a lot to correct once you’ve purchased the property.
For example, let’s say a couple wants to sell their 10-acre piece of land on which their house is located, and plan on subdividing it into two lots. Their plan is to sell the empty lot and refinance their lot with the some of the proceed. When in the process of selling the vacant lot, they discover that the lender has mixed up their property’s legal description and the vacant lot.
In such an instance, it will be almost impossible to sell or refinance any of the lots. Had the couple had a property lawyer reviewed their document before settlement, a lot of stress would’ve been avoided.
Once all documents are checked and passed, and the finances are in place, it is the lawyer’s responsibility to arrange for the transfer of the title deed and funds with seller’s lawyer and mortgage company.
New Problems for House Buyers
One thing that new home buyers today are being advised to consider doing when thinking of buying a property is checking on how it was used before, especially if it was involved in the manufacture and distribution of drugs. There’s an increasing number of cases where a purchase turns into a nightmare for a homeowner when he or she discovers that the home they just bought was once used as a meth lab by its previous owner.
While real estate agents are required to disclose information about methamphetamine or meth contamination, it is still a good idea to consider having your lawyer check into this too. As property lawyers have access to court records, your lawyer can find and access court records about the property you are considering and can do a thorough background check of the home.
Local laws may require new homeowners to decontaminate the property before moving in, a process that may cost you thousands of dollars. If you, as a buyer, retain the services of a lawyer, then this checks could end up saving you from spending tons of your hard-earned money doing clean-up. If these checks are performed before settlement, and the property is found to be contaminated, it becomes easier for you to demand that the seller pays for decontamination or else you will walk away from the deal.
When buying a property, there are hundreds of things that you should consider attending to, and most of them pertain to legal matters. When minor things like misspellings in a legal description tie a resell situation, they could end up becoming a major headache the is costly to correct in the future. And these are the sort of things that the average person tends not to notice.