For most people, buying or selling a home is the most expensive transaction that they will ever conduct and as such they really need someone who has their best interests at heart. There are many parties involved – vendor, purchaser, banks, brokers, real estate agents – on both sides – all looking at this transaction through their own lenses, driven by their own agendas.
In the main, property transactions can go quite smoothly when in the hands of professionals, however the smallest omission or deviation from the standard process can skittle the whole deal. Buying and selling property can be quite emotional and sometimes people make decisions based on this so you need someone impartial to assist navigate through potential pitfalls and costly delays.
Just imagine if the buyer or seller tries to back out of the deal on short notice, or the bank hasn’t been appropriately notified of the discharge or mortgage, or a sneaky “special condition” has been inserted into the contract, or something goes wrong after the deal has closed. Engaging a lawyer to help manage the process will save time, money and stress in this instances – leaving you to focus on the outcome whilst they negotiate appropriate terms and outcomes on your behalf.
Why should you engage a lawyer to assist with the sale or purchase of a property? Simply,
- In reality, legal fees are a drop in the bucket compared with the purchase price and minimal when considering the value that comes with mitigating potential risk.
- You can’t always entirely trust the other side (or your own real estate agent) – they have their own goals in mind.
- If you are buying or selling the house with a family member, non-family member or as an investment, there are ownership issues and tax implications to consider.
- When you are buying a property that is in probate there can be unforeseen complications to manage.
- To help navigate through the maze of “what and how” you are purchasing. Is it Torrens title, strata title, company title, community title? Are you purchasing as a company, an individual, joint tenants, and tenants in common? Requirements will differ for each circumstance.
Buying or selling a property it is not the time to rely on people “to help you out”, or take a pedestrian view “hoping that everything works out”, it is a time for you to ensure that your objectives are met and you are getting the very best out of the transaction. Find a lawyer who speaks your language, find the ideal property, ask as many questions as you need to make you comfortable, make sure you read and understand everything you are asked to sign (but don’t sign anything until you’ve shown your lawyer!!), and make buying and selling property a really positive experience.