Ways A Real Estate Attorney Is Invaluable For Property Conveyancing
The acquisition of a property is not as simple as having the money and purchasing a house. There is a vast range of legal obligations that need to be met. Failure to do so does poses the risk of losing a substantial amount of money, either through not being the legal owner to the house you have bought or having the transaction pulled after you have already put some money down. The best person to have on your side during the acquisition process is a real estate attorney. These professionals are highly skilled in property conveyancing, and this article delves into a couple of the main ways a real estate attorney will be invaluable for this process.
A real estate attorney will ensure all contracts are properly drafted and reviewed.
Property acquisition entails a myriad of different forms of paperwork. Choosing to handle all the documentation on your own increases the risk of human error exponentially, and you could end up losing the property or agreeing to unfavourable terms that will cost you a great deal of money. A real estate attorney, on the other hand, is well versed in all the legal documentation that is involved in this transaction.
For starters, they will go through the financial agreement drafted by your lender meticulously to ensure that the mortgage terms are not only favourable, but that you are fully aware of what they mean. When it comes to the purchase of the property, your real estate attorney will include terms, such as having a building inspection performed before you put down money and that the transaction will be contingent on this specific term as well as others you may have. Overall, when you hire a real estate attorney to conduct the property conveyancing process for you, it presents an opportunity to ensure that all the terms you want are included in the respective contracts.
A real estate attorney will carry out a meticulous title search.
Another reason why you are better off with a real estate attorney for property conveyancing is to ensure that you are receiving the right title for the property. Some people take for granted is that the title they receive will not come with any issues, but this is incorrect. In some cases, there could be a mortgage debt that has not been cleared on the property, which in turn means you will have to absorb it if you buy the property. On the other hand, the property could have outstanding tax, and taking over the title may result in you having to contend with tax problems. A real estate attorney will check the background of the title and ensure that the title that is being transferred to you does not have any strings attached.