Important Parts of the Conveyancing Process That a Property Lawyer Can Help With When You're Buying Property
If you are interested in purchasing property — whether you are interested in buying a home, commercial property or just about any other type of property — then you will need to go through the conveyancing process. Basically, this is the process of legally purchasing the property from its current owner. Some property buyers go through the conveyancing process on their own, but hiring a property lawyer to help you through the process typically makes a lot of sense. These are some of the important parts of the conveyancing process that a lawyer can help you with.
Reading the Contract of Sale
Typically, when you purchase property, there is a contract. When you are the buyer, you can typically count on the seller or their lawyer to make up the contract. This does not mean that you should just sign it, no matter how excited you might be about purchasing the property. After all, the contract of sale will include important things like how much you will be paying for the property, what is and is not included in the purchase price of the property, when you will be able to take possession of the property, and more. Therefore, it is important to have your lawyer read over the contract and explain it to you before you sign it.
Explaining the Cooling Off Period
You might think that you are "stuck" with a property once you sign the contract of sale, but in most cases, this is not actually the case. During the conveyancing process, there is typically a brief period after you sign the contract that allows you to make sure your purchase is correct. During this time period, you can rescind the contract if you choose to.
You will probably want to take advantage of this period. Your attorney can tell you more about it and can help you make the most out of this period. For example, they might help you with a title search to make sure that there are no liens against the property. They might advise you to have a property inspection done, and they may even be able to give you advice about who you should call for this inspection. They might also recommend things like having a land survey done. You will probably want to follow your lawyer's advice during this time period so that you can be completely sure that you are happy with the property that you are purchasing and the contract that you have signed. If you do decide that you don't want the property, your lawyer can help you with rescinding your contract if it is still within this period.