While you are not required to have legal representation, it can be very helpful to have someone on your side who knows the ins and outs of property law when purchasing a property. In this article, Terry Johnson Legal explores how a property lawyer can assist you in the process.
Conducting Title Searches
A title search looks for any liens or encumbrances on the property that could affect your ownership. It’s important to do this before you buy because if there are any outstanding issues with the property, you could be responsible for them once assuming ownership. Your property lawyer can perform this crucial function in relation to the Contract.
Preparation & Review of the Contract of Sale
The contract of sale is a legally binding document that outlines the terms of the sale, and it is important to have a lawyer create and review all associated documentation to make sure that everything is in order. These documents will contain all the details of the sale, including the price, any contingencies, and what will happen if either party breaches the contract.
Negotiate Changes to the Contract
If there are any terms in the contract that you’re not happy with, a property lawyer can help negotiate changes on your behalf. For example, if you want to add a contingency for the sale falling through, your lawyer can draft this amendment and have it added to the contract.
Help with the Settlement
Once you’ve signed the contract of sale, there’s still a lot of work to be done before the sale is final. Your lawyer can help with all aspects of the closing process, from reviewing documents to ensuring that everything is in order. Most notably will be the settlement process, which is the transfer of ownership of the property from the seller to the buyer. Your lawyer will also arrange for the transfer of funds to take place on the day of settlement, ensuring that everything goes smoothly.
Trust Terry Johnson Legal as Your Property Lawyers in the ACT
If you’re considering buying a property in the ACT, hiring a property lawyer is a smart move. A property lawyer can help in many ways, from reviewing the purchase agreement to even representing you in court if necessary. To learn more, please contact us at Terry Johnson Legal today.