Property and real estate lawThe financing of property includes mortgages, liens, and foreclosures. You should consult a real estate lawyer if you are looking to purchase real estate property.
It doesn’t matter if you are selling, buying, or refinancing your home, it is important to choose the right real estate lawyer.
If you’re able to find the right attorney to help you with your real estate transaction, they can ease the stress by making sure that all documents are in order, ready for you to sign, and that the deed is drafted according to law. The best way to ensure that your house selling or buying process goes smoothly is by choosing the right real estate lawyer.
Choose a real estate lawyer
Real estate legislation is complicated and always changing.
Check out the Title of Property
A Lawyer for Real Estate can ensure that the seller is able to transfer clear ownership rights over the property he/she wishes to sell. The property should not be in any pending litigation and the title should also be transferable. The lawyer will verify this information upon review of any deeds or deeds if there is a multiple-owner chain.
The lawyer will verify the information in title deeds by checking with local authorities, such as the Public Index at municipal offices, the local registration offices, and the Land Reform office.
A lawyer will verify that there is no encumbrance or charge on the property to secure any loans. A property can’t be transferred to the buyer if it isn’t free from all encumbrances or charges.
A lawyer will check that the property is not subject to any pending litigation, notices of requisition, or notices of acquisition. Any such issues will render the transfer of property null and void.
Find Statutory Approvals
Before the sale of a property can begin, a lawyer for real estate will ensure that all required approvals have been obtained from the relevant authorities. These approvals can include clearances from government departments like the planning authority, land development authority, and income tax department.
An Indian real estate lawyer will know that additional precautions must be taken when dealing with properties related to trusts and minors, widows, or lunatics. Additional precautions should be taken when dealing with properties that are owned by individuals who practice a different religion or live in an area with different laws.
How to deal with Power of Attorney
It is common for developers to be built on land owned by different owners. An experienced real estate lawyer will be able to advise you on how to deal with multiple powers of attorney when selling a property.
Preparing Sale Documents
Real estate lawyers are responsible for carefully drafting the legal documents required for buying and selling property. These documents include:
Sale Agreement
The primary legal document governing real estate between buyers and sellers enumerates the terms and conditions. Legal action can be taken if either party breaches a contract.
Conveyance DeedA conveyance deed transfers title, ownership, and rights to a property from the seller to the buyer. Before the conveyance deed can be approved or signed, both lawyers must review it carefully.
Register
After the transfer of ownership and the sale of property, the lawyer must register original deeds at the registration office. This makes the transaction legally binding.
Review the work of a lawyer
You can evaluate the experience of other people with an attorney to help you decide if they are right for you.