Five Ways Conveyancing Solicitors Help Property Buyers
If you're buying a property, you can navigate the process on your own, but signing the contract with the seller can be confusing, and in some cases, tackling the legalese on your own can result in extra expenses or unforeseen issues. To streamline the process, you may want to work with a conveyancing solicitor. Here's an overview of how they help.
1. Interpret legal jargon
Home buying contracts can be full of legal jargon. A conveyancing solicitor can ensure that you understand everything in the document, and they can help you identify key areas of concern or questions you should ask the buyer. They can also look over disclosures and make sure common areas of concern have been addressed.
2. Lodge documents with the government
When you purchase a property, you typically have to file legal documents and titles with local governments. Conveyancing solicitors do this on a regular basis, and they can help to ensure you don't miss a beat with this process. They can guide you through the process or take care of everything for you so you can focus on preparing to move into your new property.
3. Deal with missing titles
If the title is missing, a conveyancing solicitor can help you track it down. When that's not possible, they can help make other arrangements and ensure that there are no liens on the property. Without a solicitor, if there is a title issue and the property isn't clearly in your name after the sale, ownership issues can arise. Even if you win the right to keep the property, you may face legal fees in a situation like this. If you are dealing with a property that doesn't have a clear title, you almost always need a conveyancer to prevent trouble down the road.
4. Put earnest money in a trust account
In many cases, buyers put money in trust accounts to secure the property until the sale is finalised. If you don't have experience with trust accounts, this can be confusing. To save you the hassle, a conveyancing solicitor can also handle these types of payment as well as deposits. When the sale is finalised, the solicitor can oversee the payments from the bank or trust account to the seller.
5. Watch out for your best interests
In a real estate transaction, the seller and the real estate agent are ultimately fighting for their own interests. Even if these individuals are completely honest, one stands to make a sale and the other to earn commission. Because of this, you need someone in your corner, and a conveyancing solicitor can be that person. They fight for your rights and ensure that the sale is in your best interest.
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