By Mashum Mollah
Buying or selling a property in Australia, whether residential or commercial, is a big deal! It also means signing piles of paperwork, getting all your documentation in place, and keeping your eye on the ball! Sometimes, expert advice may be necessary and this is when you should look at speaking to property lawyers Melbourne legal firms have available for the benefit of buyers.
If you’re wondering if you need to hire the services of a property lawyer, read on. We’ve listed a number of reasons a property lawyer may be useful when looking at buying or selling real estate.
5 Reasons You Need the Services of a Property Lawyer
1. Adherence to Legal Contracts
Any property purchase or sale requires signing various contracts. These are legal documents designed to protect both the buyer and the seller. Contracts are also drawn up when renting out property and help to ensure tenants fulfill their lease agreement.
A property lawyer will help you draw up the right contracts, give you expert advice and assist when someone doesn’t respect the contract terms. The lawyer is well-versed in all legal aspects of property law and can assist when adherence to contacts needs to be enforced.
2. Property Dispute and Settlement Advice
It’s not unusual to have disputes arise when the property is involved especially in cases of inheritance or if there’s a pending divorce. A property lawyer will be able to advise you on how to settle disputes amicably and within the laws of the country. The lawyer will clearly explain legal information, so you have a better understanding of how property law operates when it comes to settling disputes.
The same applies to property settlement. A property lawyer can help you and your partner navigate an emotional time while ensuring you make the right decision regarding your real estate. A well-trained lawyer will always work towards the best possible outcome for you and the other parties involved.
3. Legal Support When Planning and Developing Real Estate
If you’re looking at developing real estate for commercial or residential purposes, a property lawyer will be able to give you legal advice. They can show what pitfalls to look out for and how to draft legal contracts between all parties involved in the project.
Planning and developing real estate comes with its own set of property laws you need to be fully informed about. Aspects such as subdivision regulation of land need to be adhered to and your property lawyer is best placed to give you all the information you need. Your property lawyer will also help you understand legal jargon, ensuring you don’t face unforeseen problems down the line because you misunderstood something.
4. Expert Purchase and Sales Advice
The process of purchasing or selling real estate entails a number of factors that can seem confusing if you’re not an expert in dealing with property matters. A property lawyer will help simplify the process by explaining what to expect. This could include:
- What costs are involved in buying or selling property such as stamp duty
- Understanding the legal rights of the “cooling off period” in contracts
- Handling negotiations and disputes within the law
- Buying or selling property at auctions and what it entails
- How to file documents properly so there are no hitches
If property sales or purchases aren’t done according to the local laws, the consequences could be costly and may even result in losing out on the deal. Hiring a reputable property lawyer will ensure none of this happens.
5. Handling Property Conveyancing
When selling or buying a property, real estate needs to be exchanged. Transferring ownership from one person to another is a process that entails following certain legal requirements. A property lawyer is qualified to act as the conveyancer, ensuring this process runs smoothly. Their role entails doing the following:
- Preparing and reviewing all the documents necessary for a successful sale of the property.
- Researching the property and checking it out for any problems that need to be highlighted. This could include boundary disputes, environmental or contamination issues, unpaid levies or body corporate issues.
- Placing the deposit money into a trust account and presenting rates and taxes costs that need to be paid before the sale goes through.
A property conveyancer is essential if you want your real estate sale to go through with minimal fuss. Hiring a property lawyer who is equipped to handle real estate conveyancing is your best solution.
Final Thoughts
Reputable property law firms abide by a national body or law council set up in their country. This guides them to perform their work in a professional and legal manner. Well-qualified property lawyers are trained to give legal advice on both residential and commercial real estate. They also help you make sense of legal jargon which can be intimidating at the best of times!
By hiring the services of a property lawyer, you can rest assured your real estate matters are being handled properly and within the laws of your country. It makes sense when you want a smooth sale or purchase of the property.
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