Buying a new property represents many exciting possibilities, but it also comes with the added responsibility of taking care of it. It’s important to make sure that the property is compatible with your lifestyle and income for the rest of your ownership, and that you won’t have to pay extra fees just to acquire it. You’ll definitely want to make sure that everything is taken care of after settlement, as complications that can arise are difficult to navigate without the help of a property lawyer.
While you can receive plenty of guidance about the process of buying a new property from your real estate agent, they won’t be able to give you sound advice in reviewing the risks of your new purchase. Their job is to convince you to buy the property, after all! Property lawyers, however, can take care of the intricacies involved in buying a new property.
Here are three ways a property lawyer can save you money:
1. Filling Out the Forms Correctly
Properly filling out a form saves you time and money from any issues that arise from a form that can’t be processed. If there’s missing important information, this might not be identified until the day of the settlement—which can delay the whole process by several weeks! Missing deadlines can also be very costly, especially when trying to extend the settlement date. That’s why it’s important to fill out the forms properly and with the guidance of a property lawyer.
Correctly filling out the forms and giving the needed information allows a property lawyer to identify areas where you can save some money, like stamp duty concessions. They’ll also be able to recommend government grants that you are qualified to apply for.
2. Propearly Searching Potential Property Issues
Property lawyers are equipped to properly complete searches that are related to your property. They’re your best bet if you have any concerns about approvals or disputes concerning the property. They’ll be able to identify potential issues that have to do with your new property, especially boundary disputes involving trees or fences.
A property lawyer will be able to catch potential issues that could complicate the ownership of your new property if they are discovered after settlement. Make sure to know all the pertinent information of the property in order to determine your list of searches and let a property lawyer know of this. They’ll be able to properly complete searches and alert you of any issues or requirements that are easier to solve prior to settlement.
If these issues are found after settlement, these can be very costly to remedy. You won’t be able to file a case from the seller, either, unless they failed to disclose the information on the contract.
3. Completing the Settlement Statement with the Right Figures
Lastly, a property lawyer can save you a lot of money on the settlement statement. They’ll be tasked with making sure the figures on the settlement statement are accurate prior to its finalisation in the contract. If the figures in the settlement statement are incorrect, then you will have difficulty trying to get refunds from the seller post-settlement. This can cost you thousands of dollars.
Fortunately, a property lawyer is trained to review all settlement statements before they progress into a settlement. This will make sure that each figure is accounted for, giving you more transparency in the process.
The process of settling property can be difficult and complex. With the help of a property lawyer, you’ll be able to get the most out of your settlement and quash problems before they arise. Property lawyers are trained to identify and discrepancies or conflicting statements in legal documents, leaving you stress and headache-free about your new property.
The law office of Amanda Dobbie and Associates will be happy to help you sort out matters and help you with wills and estates matters. Contact us at +61 434 399 319 today!