When you are planning to buy a property, it is honestly not in your mind to hire a property lawyer because your mind is already pre-occupied with hundreds of thoughts that you need to accomplish with regards to buying the property.
This should not be the case because when you buy a property, there are numerous risks that you are not prepared to face. This is the reason why you need to hire a property lawyer who specializes in laws regarding buying (and selling) properties and in tune with the current trends in the property market to advise you on the whole process.
Freehold or leasehold
When you start looking for a property to purchase, you might come across the terms “freehold” and “leasehold”. If you are not aware of the difference between the two, you would definitely have a big not to mention costly disappointment in the future if you purchase the property that is not your preference. Leasehold is owning only the property but not the land where the property is built. With this, you are still subject to payment of land rent annually.
When the lease expires, the property goes back to the land owner. Freehold on the other hand is you owning the property and the land. With this, there are no leases to expire and that the ownership of the land and property belongs to you unless you sell it. If you have no clue regarding the big difference between freehold and leasehold, imagine your surprise when the lease expires and you have to move out.
Regulatory property laws
Similar to other proceedings, buying real estate properties is governed by laws. These laws exist to protect the rights of the buyers and the sellers from contractual breaches, frauds, etc. Most property laws require developers and brokers to be registered and approved by real estate regulatory authorities and other local municipalities.
Regardless of regulatory policies and procedures in place, it is still a good sense to do your due diligence. If you don’t have the time to check and verify the whether the property being sold to you and the real estate are regulated by property laws, hire a property lawyer specialized in conveyancing laws. If you need conveyancing lawyers Melbourne has many experienced individuals who will that purchasing your property would go without a hitch.
Validity of legal and public documents
Sad to say, most things could be counterfeited nowadays with the advancement and development of technology if you don’t have an inspecting eye or you don’t have someone who is an expert with you, you might end up paying for something that is falsified.
Since purchasing real estate property would fall under major purchases and investments, hire a property lawyer to check the validity of proof of ownership before you pay any money or sign any legal and public documents.
When you invest in the services of a legal professional, this is money well spent because their legal advice could save you stress and money.