Should I hire a lawyer for my property purchase
- Written by Conveyancing.com
Buying a home is probably one of the largest and most expensive purchases you’ll make. It can also be the most confusing, exhilarating, and emotional time of your life (depending on how many times you do it). There’s so much to think about, mortgage, building insurance, navigating the property law and all the paperwork that goes with it. The costs can start to mount up and you may find yourself questioning whether you need to pay the money to hire a lawyer. The answer is most definitely yes, especially if the lawyer fees are a drop in the ocean compared to the house price. Here’s why:
They handle the complicated bits
Unless you’re a legal professional, all of the paperwork that comes with purchasing a house can be a mind field. A lawyer can help you through the legal process of purchasing property. They know exactly what needs to be done and when, meaning that you don’t have to bog yourself down preparing and lodging legal documents. They’ll even manage the finance element, liaising with your mortgage lender to secure the settlement cheque.
As with any legal process, things can sometimes get a bit rocky. With a lawyer in your corner, you’ll have someone to guide you back onto the straight and narrow.
They can help save you money
Even though it may feel like you’re spending extra money at first, as you make your way through the process you’ll realise the value outweighs the cost. They may even save you money in the long-run.
If you were to navigate the complex process alone you may make some costly mistakes. As we all make mistakes when we’re learning something. A lawyer will help you avoid these. Plus, they’re likely to pick up on any red flags which may ending up costing you large amounts of money further down the track. For instance, they may notice issues with a structure that hasn’t been approved by council, or an item in a strata report indicating that extensive (and costly) structural repairs will need to be done in the future.
They can help save time
The process of purchasing property involves property or title searches. Lawyers tend to subscribe to information services which enable them to perform these quickly. If you were to do this yourself, you’d need to first gain access to all of the relevant information such as, council rates or notices, road access, planning restrictions, and zoning regulations. As you won’t have access to the same information services, you’ll more than likely have to contact each regulator individually, costing you time and money. A lawyer, with correct access, would normally be able to do this within five business days.
They ease the process
Enlisting the services of a lawyer will save you time and unnecessary stress. Trying to read through all of the reports, dealing with real estate agents, mortgage brokers, government agencies, vendors, building inspectors, and vendors. Plus, navigating through all of the associated paperwork. Hiring a professional means they’ll be doing all the legwork for you.
Trying to do it yourself can be a costly decision
You’re well within your rights to handle yourself. You don’t have to engage a professional. However, this is the biggest transaction that most people will undertake. And there are huge penalties involved if all the legal requirements aren’t met. This could include forfeiting your 10 per cent deposit which is a big risk to take just to save a bit of money up front. We understand that each circumstance is different but always recommend seeking guidance from a professional.