The Work of Property Solicitors
A property solicitor is an individual that conducts the legal work of buying property. Below is a short guide to the work of property solicitors.
Finding a property solicitor
Look for a qualified and experienced solicitor. Solicitors affiliated with professional associations are likely to observe high professional standards. Inquire about the solicitor's pricing before you hire him or her. Some property lawyers have attractive incentives such as "no-sale, no-fee." Therefore, they only charge if they complete the sale. You may also opt for a solicitor with a fixed pricing strategy to avoid incurring extra consultation fees. Inquire about deposits, refunds and additional charges such as land searches and building inspection fees.
Due diligence
Your solicitor will ensure that the property is habitable and that the purchase does not lead to future liabilities. He or she will conduct a land search to verify that the person selling the property is its actual owner. Further, the solicitor will check for outstanding land rates and utility bills. He or she will also ensure that the property is not listed as collateral for a bank loan. The solicitor will inform you of zoning regulations that may restrict certain kinds of developments, and he or she will evaluate the susceptibility of the property to natural hazards such as floods and storms.
Seller questionnaires
The solicitor will interview the seller to get a better understanding of the property on sale. For instance, the seller must verify what items are part of the sale. Some sellers might fail to include installations such as patios, air conditioning systems and security systems. The solicitor might also require information regarding home insurance, boundaries and membership to resident associations.
Negotiations
If the solicitor is confident with the current state of the property, he or she will advise that you go ahead with the purchase. In other cases, he or she may request that the seller make specific renovations on the property. Most solicitors are skilled negotiators, and they will ensure that you purchase the property at a fair price.
Contract of sale
The contract of sale is an agreement between the buyer and seller. On signing the contract, each party agrees to fulfil their end of the bargain. Failure to do this would result in fines or expiration of the contract. For example, if you fail to pay the full amount by a particular date, you may have to forfeit your deposit. Your solicitor will ensure that the terms are favourable to you.
The main work of a property solicitor is to conduct due diligence, interview the seller, negotiate and prepare the contract of sale.