Business transactions involve the buying and selling of goods and services. Some transactions can be easy and straightforward while others can be quite complex. One of the more involving transactions is the sale and purchase of property. Not only does it involve large sums of money but there are legal obligations that have to be met by both parties. This means that there are several processes that need to be undertaken before the transaction can be completed.
You can decide to carry out the tasks associated with the transfer of property but you might end up frustrated. This is because it can be time consuming and you can end up with a property that is in dispute if you do not properly conduct all the relevant searches. A property lawyer can assist you in managing the transaction to ensure that you sell or buy property in the right way.
Benefits Of Using A Property Lawyer
Hiring a property lawyer is recommended whenever you need to buy or sell property. Property laws keep changing and your lawyer will therefore provide you with the legal advice that you need to ensure that the transaction is properly done.
The lawyer that has specialized in property transactions will know what needs to be done and when. This means that your transaction will be completed in a short time and any legal hurdles will promptly be addressed. Your rights and best interests will be considered during the entire process. You will be relieved of the stress of handling the transaction on your own and you will not be at risk of making critical mistakes that will cost you heavily.
Legal Documentation Required In Property Transfer
Your lawyer will need to prepare legal documents that will facilitate the transfer of the property. As the seller, you need to have a contract of sale and a vendor’s statement which will be given to the buyer. There are other documents that will be required depending on the property you are selling and the lawyer will prepare them for you.
Your lawyer will receive the documents provided by the buyer and will go through them and explain to you what their implications are. On the other hand, if you are the buyer, your lawyer will go through the contract of sale and vendor’s statement and will advice you before you sign the documents. He will also prepare the documents that will be handed over to the seller including the transfer documents and settlement statement.
Costs Associated With Conveyancing
As a buyer, you will need to pay fees for conducting searches and a stamp duty on the transfer. You will need to pay registration fees on mortgages and the transfer at the land registry. There are also fees that are charged when you apply for the necessary certificates. If you are the seller, you will need to pay fees for certificates and searches. There is a fee that is to be paid to the estate agent and you also need to pay a fee when removing the mortgage from the title.
The property lawyer at Able Defence Lawyers can make the appropriate payments on your behalf as and when needed during the transaction, which will hasten the process.