Instances You Need a Real Estate Solicitor
August 17, 2018A real estate solicitor plays an important role in any transaction in this sector. The legal expert represents the buyer and seller in their respective activities. Also, the solicitor can ensure the deal is structured as per the legal requirements in place.
Why You Need a Real Estate Solicitor
Acquiring a home is a big life decision. It is considered a short-term decision when considering where you want to live and a long-term choice for investment purposes. Purchasing a property involves more than just parting with the asking price since you have to consider the extra amounts you will have to spend on renovations and moving costs, which will all make it a dream home. Another thing to consider is its value and appreciation rate. In case you decide to sell it later, will it earn you a profit?
With so much money involved, it is essential to make sure that all your decisions and financial deals are appropriately protected by a legal professional who observes the necessary laws. Real estate solicitors offer many services that help clients in selling or buying homes. They help take care of all the legal matters that relate to the buying and selling processes. Another reason you need a real estate solicitor is the fact that you might not be conversant with the legal jargon, and making mistakes can cost you a lot of money. It is particularly important to seek the services of a real estate solicitor if you are buying a home for the first time.
When You Need a Real Estate Solicitor
Selling Property
If you decide to dispose of your property, the first thing should be getting a real estate solicitor. This is because it is not possible to complete the transaction without the correct vendor’s statement. It needs to be prepared by a solicitor, which is why you need to hire such an expert. The solicitor should prepare this statement as soon as possible for the transaction to go smoothly. In some cases, you might need a real estate solicitor to help you prepare the contract of sale. This is something you do not want to bring up at the last minute, and so, you need the solicitor early on in the process to have the document ready in good time.
Buying
If you are buying, you will need to hire a solicitor before signing any contract. The solicitor should go through the contract and the vendor’s statement to point out any important aspect that you might have missed.
What Real Estate Solicitors Do
Documentation and Title Work
The buyer’s Property solicitor takes charge of all title work. A title is proof that a person is legally the owner of a property. Title work constitutes a search of all the land records. This is normally done in the Registry of Deeds that is related to the specific piece of property. The legal expert also searches the court records to determine whether there are any legal proceedings that could affect the property like foreclosure and bankruptcy. A real estate solicitor then uses the findings of the search to make a title insurance order. Buyers are required by lenders to buy title insurance before closing. The solicitor also acts as an advocate with the bank for their client.
Closing
The final step involves the law expert conducting the closing. All the bank documents need to be reviewed by the solicitor before the signing takes place. The solicitor makes sure the pertinent documents are recorded at the Registry of Deeds and then disperses the funds from the closing as per the settlement statement.
How Real Estate Solicitors Benefit Your Investment
A solicitor will help you draw a contract and prevent you from getting duped:
- He will also help you close the deal as per the legal requirements
- A solicitor will help you carry out a search to help determine whether there exist conflicts regarding the property to ensure you do not waste your money on an unworthy asset
Why GSC Solicitors Are the Best Real Estate Solicitors for You
GSC solicitors work with their clients to ensure they get the most out of their deals. They will offer you unbiased advice and help you make the best investment decisions. The fact that they use many languages means that they have a wider client base and are, therefore, a trusted firm to work with.