Buying or selling a home is one of the biggest financial transactions most people ever make. With so much money at stake, it is important therefore to make sure that everything in the process properly. Given the legal nature of the transaction, it is highly recommended to hire a local Orewa property lawyer to help you through the process.
The local real estate lawyer will ensure that all the documents are not going to work against you and will mean you have legal title to the property. It is important to know what to include in any offer contract that you submit to the vendor. Conversely, you also need to know what any potential buyer is demanding of you in their offer contract.
Fortunately, the vast majority of Orewa property lawyer use the ADLS Sale and Purchase Agreement for most real estate transactions. This means that the bulk of the contract clauses are common to all lawyers so there are will not be any hidden constraints. However, the buyer can add a finance clause and other conditions so you will need your lawyer to check these before you accept them. That means letting the lawyer read them before you sign the Sale and Purchase Agreement.
If you are buying any real estate, it is important to make sure that the vendor has the legal right to actually sell that property. Your lawyer will conduct a Title search at LINZ to determine that the seller is the registered owner.
If you are selling the property, the lawyer will liaise with your mortgage provider to establish the repayment terms for your current loan. If you are going to be buying a new house concurrently, they will also communicate with the lender for the new mortgage to make sure that settlement of that occurs with the funds from the sale of your current property. They will also contact the local council to see what rates are due and if there are any outstanding by the current owner. They will then apportion the rates for the current period so the new owner reimburses you for any that you may have paid for. Similarly, if you are the vendor, then any rates due will be paid by your lawyer from the settlement of the transaction.
If that sounds like a lot of co-ordination and complexity, that’s because it is. There is a lot of documentation to prepare, review, and submit. However, property sales or purchases can get more complex if the owner or prospective owner is a family trust or a company.
There are tax requirements involved with these transactions so the property lawyer will also need some knowledge of family trust law too.
When the mortgage funds have been transferred to the seller, your lawyer will tell the real estate agent who can then release the keys to you. But even that is not the end of the process.
The lawyer will submit your Title Deed to LINZ so that you will be shown as the registered owner.
For real estate buyers or sellers in the area, McVeagh Fleming is well-resourced Orewa property lawyer with experienced real estate and family trust staff. You can see more about them at this website.
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