4 Crucial Steps Involved in Property Purchases & the Need for an Attorney
The real estate sector is one of the booming industries globally. It attracts investors from far and wide due to its lucrative and low-risk nature. Nowadays, you can get different residential and commercial properties in most online listings. However, it’s easy to make mistakes during transactions, and this is where a real estate attorney comes in handy.
What are the commercial steps involved in property transactions?
- Search& Title verification
A title search is a crucial process when it comes to buying and selling property. It examines public records to determine whether the seller is the genuine owner of the said property. Also, the Mb Law – Real Estate Lawyer verifies whether there are liens on the property during the process. This can affect your purchase and may lead to repossession of the property.
- Reviewing the sale contract/ Agreement
The sale contract is a legal document drafted by the seller’s lawyer. It’s then presented to the property buyer and their advocate for approval. Mistakes or misspellings in the agreement can lead to disputes, making it critical to engage a skilled attorney.
The professional reviews all the clauses and notes mispellings that may bring about disputes later on. What’s more, they will help you understand all the legal terms included in the agreement. They will also request amendments where necessary. Once the contract is executed, the buyer deposits the agreed-upon amount to the seller’s advocate account. The contact involves vital information regarding the transaction; this includes;
- The name of the seller and buyer
- The price of the property
- Property damages& Inspection details
- Closing date and more.
- Clearance of land rates
A real estate lawyer will help you determine whether the property has pending land rates. If yes, it’s the duty of the property owner to clear all the arrears. They should also present the necessary certificate as proof. Both parties will then agree on the settlement of the land rates and set a completion date.
- Completion & Exchange of documents
The buyer’s attorney will prepare all the transfer documents for review by all parties. Similarly, the seller’s lawyer will present all the completed documents to facilitate the transference of the property. The buyer’s attorney will then remit the balance after the successful registration of the property to the new buyer.
Do I need an attorney for a property transaction?
As mentioned earlier, buying and selling property involves multiple steps, and undertaking this by yourself can lead to many blunders. An attorney understands all the legal aspects of property sale and acquisition and will guide you on what to avoid. Also, they will help determine any title or contract issues that can bring about future disputes. With an attorney, you’ll ensure a smoother process and avoid legal tussles in the future.
Buying and selling property can be tricky when you lack the right team. The process involves various legal steps necessitating the expertise of an attorney. If it’s your first time investing in real estate property, hire an attorney from a leading law firm to ensure a smoother process.