Purchasing your first residential property is a thrilling experience. Whether you are looking to buy and lease it out or if you are finally freeing yourself of rental payments, this is a long-term investment that you are making. Thus, it is unsurprising that it will cost you a substantial amount of money. To ensure that you will not lose your savings, you should hire a conveyancing lawyer before you go ahead with the property transaction.
What you may be unaware of is that buying property is not as simple as having the financing. This transaction can involve several legalities and you need to ensure that a qualified and trustworthy professional represents your interests, which would be a conveyancing attorney. The following is a brief list of ways a conveyancing lawyer will be invaluable when you are purchasing your first residential property.
Avoid unforeseen legal pitfalls down the road
As stated earlier, property transactions are characterised by a range of legal matters that need to be addressed before the purchase of the property. Issues such as title searches, contracts, money transfers and so on can become complex quickly during the process of acquiring the property and this could lead to dire and expensive consequences for you.
To avoid legal battles down the road that could end up affecting your ability to make use of the residential property, it is critical to hire a conveyancing lawyer. These professionals are knowledgeable on a majority of the potential issues that could crop up and will carry out due diligence before you put your money down.
Clear drafting and understanding of contracts
One thing you may not know when purchasing your first residential property is that both you and the seller will have to sign contracts. if you have been thinking that you are only required to read through the seller's contract thoroughly, the reality is you need the expertise of a conveyancing lawyer to draft a contract for you too so that your interests are protected.
The great thing about this is that you get to include special conditions that you may need before you purchase the property. If the seller agrees to these conditions, they have to adhere to them or they could face legal action. A few examples of the special conditions you may want to include having the sellers pay for a home inspection, establishing the various closing fees each party will handle and so on.
It is worth noting that a conveyancing lawyer is not only beneficial for the property transaction itself. In the event a litigious matter crops up, all the records that the attorney has taken throughout the entire process can be used as evidence in court in your favour.
Consider hiring someone offering conveyancing services before purchasing a residential property.