Property Lawyer’s Role in Buying A House in Albany
When a person decides to buy a house, it is important to hire a lawyer to clearly represent their interests. It is also a good idea to look for a lawyer that knows the area where you are buying your home. They may know of some impending actions or activities which may positively or adversely affect your interest. This is why, if you are on the North Shore of Auckland, it is recommended to search in advance for an Albany property lawyer that is familiar with all the real-estate local laws and regulations.
Before getting into any details when planning on buying a house, the lawyer must inform his client about the legal procedures that have to be followed. One of the most important aspects when it comes to signing the purchasing contract is that a lawyer must read it in advance and give his opinion about the clauses stipulated in the contract. For the most part real estate transactions in the Auckland region use a standard contract from the Auckland Law Society. It is imperative that the details are correct because once it is signed, it becomes legal.
Once everything related to the legal aspect is cleared, the next thing to take care off is the financial part. It is unlikely that you have all the money to pay in advance, so the most common method is getting a mortgage loan from a bank or via mortgage broker. Once this is obtained, your lawyer will handle a train of legal documentation to ensure that everyone’s interest are correctly recorded and that the money is transferred to the seller’s lawyer at the appropriate time.
Having a lawyer is extremely useful as they also has to take care of other important documents such as title search, mortgage documents, the deed and many other forms of legal paperwork.
Attention to detail
Attention to details is the most important aspect, and a lawyer knows what to look for, whether we are talking about compliances, codes or any other documents related to the property purchase. Before signing any document, the lawyer must examine the deed, because even a misspelled name written in a signed and legal contract will end up costing a lot of money to have it changed.
Let’s take, for example, a couple that decided to sell their 10 acre lot, by dividing it into 2 parts. They wanted to sell the vacant part and refinance the second one, where their house was built. While they were preparing the sale, they discovered that the lender created a confusion between the legal descriptions of the 2 parts, thus becoming impossible to sell or refinance. This is a great demonstration of what a good lawyer would have solved in case his services were required.
A modern problem for house buyers
It is highly recommended that you carefully check in advance who were the previous owners and what was the purpose of the house to see if there were any drugs involved. A common problem that many people encounter is the fact that after they buy their dream home, they discover that it previously belonged to a person that distributed drugs or even had a methamphetamine lab. This article in the NZ Herald gives more details. This is a very serious issue as cleaning up a former meth lab can cost $50,000. So be sure that your lawyer looks into the history of ownership of the property. Although your real estate agent should tell you if they know this is the case, it would be better to do your own verification. Ask your lawyer to do this, as he has a lot of relations and even access to different databases.
There are laws that may oblige a new home owner to decontaminate the house before moving in, an action that will make him pay many thousands of dollars. In case a buyer hires a lawyer that does a few background checks, this situation may be solved before signing any contract, and the seller will pay for all these issues.
Reading and learning about these different stories, make us understand that we definitely need legal advice. There have been many cases in which the description of the house made the wife imagine herself inside the house, and the husband, adoring the gorgeous backyard that is perfect for parties and bbqs. Unfortunately, even a small mistake added to the description, and the lack of interest in doing a little background check for the neighbourhood or the house, may end up costing the new owners a significant amount of money.
Once a person decides to buy a house, there are countless issues that must be dealt with, many of them being legal aspects. In case a misspelling slips in a legal contract, in the future, it will become extremely costly to modify it. Without the help of an experienced property lawyer, you may end up signing something that has mistakes.
One of the biggest North Shore property lawyers is called McVeagh Fleming and Co operating out of Albany. They have a number of highly experienced real estate solicitors for commercial and residential property transactions. Be sure to contact them via their website for more information.
Without a doubt, buying a house is one of the most important purchases in a person’s life. This is why it is important to make sure that everything is perfect, and if this means that you need to hire an Albany property lawyer so you can rest assured that everything will go smoothly.