If you have plans to buy a house, then you need to secure the finances and legal support. As far as the latter is concerned, in some parts of Australia, you are actually required to hire a real estate attorney before proceeding with the purchase.
1. First-time buyers
Regardless of the legal requirements, if you are buying your very first property, then you should definitely have an attorney by your side. For example, the lawyer should go through the contract to make sure you understand what you are signing.
Legal experts know how to read the fine print that laymen never could. If you hire a real estate lawyer, you can be sure that no one will cross you over. Just recently, two men were charged for a real estate loan scam in Avondale, so these things happen.
2. Issues with the title
Potential title issues aren’t that uncommon. If the previous owner failed to leave a will, then his/her heirs might disagree on the ownership over the property. An attorney will be able to determine who the rightful owner is by going through court records and cadastral maps.
3. Lawyers can help you find your dream home
Apart from taking care of the legal aspect of the purchase, real estate attorneys can even substitute realtors. Since they are there throughout the process, lawyers can actually assist you in searching for the ideal piece of property.
They have so much experience on the matter, that they already know which neighbourhoods are desirable and which parts of the city should be given a wide berth. Finally, attorneys actively collaborate with brokers to work out the best possible deal for their clients.
4. You don’t have to be physically present
Another great thing about hiring a real estate lawyer is that you needn’t be physically present for the purchase. Even if you are buying a house in another town or state, you can hire local attorneys.
For example, Northern Beaches lawyers are hired when you are purchasing a property in this region of Sydney. You, as the buyer, can be from Darwin but there is no need to fly to New South Wales every week, as you’ll have your legal representative in Sydney.
5. Drafting a purchase agreement
During the real estate transaction, a purchase agreement is signed. However, neither party (natural persons) can draft the agreement on their own.
For this, they solicit the help of real estate lawyers because there is a whole series of issues to handle, from downpayment deadlines to potential liabilities and lawsuits.
6. Untypical scenarios
Most home purchases are pretty straightforward but there are less than typical scenarios that only an attorney can handle. For instance, if you are buying a house at a state auction or directly from a bank, there are certain contract clauses that need to be added.
Furthermore, you might run into a house that is subject to the divorce settlement between previous owners. Finally, a home with structural damages can be snapped up cheap but you need legal protection from all sorts of liabilities.
7. Consulting an attorney
Most folks hire real estate attorneys because they prefer to let an expert handle all the legal conundrums. Even if you don’t plan to hire an attorney, you can at least consult one before you go through with the purchase.
It is always good to have someone explain all of the complicated legal issues to you. Buying a house is no small investment, so you need to be 100% sure that you are taking all of the legal mechanisms available to secure your investment.
The Australian real estate market has always been turbulent, so it’s a smart choice to hire a real estate attorney. Buying a house is a huge investment, so want to make sure that you are fully covered when it comes to the legal aspect of the transaction.