Auckland Residential Property Lawyer For A Successful House Purchase
Owning a home is probably the biggest financial step of most people’s lives. Given the rising prices of the housing market across New Zealand, this is an even bigger hurdle to overcome. Given the huge financial stakes at play, it is vital that people seek expert legal help to make sure that they do not buy a problem house, and that all of the legal aspects are satisfied. If you are contemplating buying a house, talk to an Auckland residential property lawyer.
Reduce The Stress, Understand The Process
Even for experienced property buyers, any real estate transaction is a frustrating process which is filled with paperwork and the need for attention to detail. Even though most contracts use the standard Auckland District Law Society Sale and Purchase Agreement, it is still important that your Auckland residential property lawyer checks the details, especially if the other party has inserted any additional clauses.
You do not want to be caught out by a devious buyer.
Talk To An Auckland Residential Property Lawyer First
Once you have signed a Purchase Agreement, it is very difficult to reverse your commitment. Similarly, if there are any additional clauses inserted by either the buyer or seller, again, it is almost impossible to change these after it has been signed by both parties.
Therefore, you are very strongly advised to talk to a lawyer before you sign any documents. Discuss your potential offer with your lawyer. Let them look at the Title Deed and any Council reports that are available.
You are probably paying a million dollars but over the life of the mortgage, you could be spending two million dollars. Therefore, it makes loads of sense to spend a few hundred dollars with a local Auckland real estate lawyer to verify that the deal is safe to go ahead.
New Finance Clause Issues
For many years, people used a financing clause as get-out option. The typical wording was that if the buyer could not get finance within a certain time, then the offer would lapse. That is not an option now.
If someone claims that they cannot get financing, they need to show proof from their finance company that funding has been declined.
Bindi Norwell of the REINZ said, “Vendors have always been able to challenge a purchaser if they think the purchaser is using the finance clause incorrectly, but the change makes it even clearer to purchasers that they can’t use the finance clause in an unacceptable way,” Norwell said.
“If [prospective purchasers] can’t provide evidence that they can’t raise the finance, they could be forced to proceed with the purchase, or face other legal action by the vendor,” Norwell added. Newshub.
What Does A Property Lawyer Actually Do?
In short, the lawyer is there to protect your interests. They will do this by:-
- Giving expert legal advice
- They know the process
- They will advise you of potential problems with your particular house purchase
- They will be independent and take any emotion out of the process.
During the process, they will confirm that the seller has legal right to sell the property. They will check the Land Information Memorandum (LIM) report which highlights risks, drainage, rates and other issues related to the property you want to buy.
When you have a mortgage agreement with your bank, the lawyer will receive the money from the bank and carry out the fund transfer to the seller’s lawyer.
Your lawyer will then lodge your ownership and Title Deed with Land Information NZ.
In short, a good property lawyer in Auckland will advise and carry out the complex legal work so that you end up as the lawful owner of your home.
If you need an Auckland property lawyer, contact McVeagh Fleming.