Purchasing property is the latest fad and indeed the preferred investment tool if one is looking to park one’s money. Real estate sells like hot cake these days and people are buying into the idea of investing in real estate as the returns are extremely lucrative and therefore feasible. Numerous reforms to the real estate laws over the years necessitate consulting a property lawyer.
These resourceful lawyers know the ins and outs of making property papers accessible to their clients and also provide clarity on what the papers might be representing. The legal parlance is not a layman’s parlance and therefore its all gobbledygook for the layman and as a result, a property lawyer ought to be consulted for the right advice and execute the entire procedure of purchasing a property seamlessly.
Property verification lawyers aren’t necessarily required while purchasing a property only. They are equally in demand while renting and transfer resale and similar property-related deals.
When is the right time for approaching a property lawyer?
What is the Requirement?
While planning on purchasing any type of property; whether constructed, semi-constructed or land, registration of the property is essential. Few documents need to be verified so that the registration process can be carried out seamlessly. A property lawyer would scrutinize all the documents and proofs and only then would permit its client to sign.
Purchasing the property
The options for a client while purchasing a property are purchasing against total payment or in installments or the client could avail bank loans. As the mode of payment is agreed upon by both parties all supporting documents of the client ought to be scrutinized and verified by the property lawyer. The timescale for the frequency of loan installment payment distribution and the last installment payment date ought to be clearly mentioned and discussed between all those who are involved.
The bank details and other formalities ensuring approval of the loan needs to be fully accessible to a property lawyer so that the process comes to fruition seamlessly. The best property lawyer may provide advice on the best loan terms and condition ensuring the client gets the best deal. A lawyer is the mouthpiece of their client and always represents clients in all legal matters and hopes clients get the best deal possible.
The sale of the property can be a great deal of hassle particularly if the property lawyer has not meticulously collated and compiled the papers and documents belonging to the client. The purchaser may require any document on demand, and if the seller is unable to provide the required document however inconsequential it may seem, the buyer may assume that the seller is a fraud.
Property on rental
If the property is rented out or is a rental property, in both cases it is necessary to heed the advice of a property advocates. They can prepare a strong case for their clients who may want to put their property on rent as well for clients who intend to remain in rent for a refund of the deposit money and the rent itself yet to be paid.
There are instances of the client not receiving the deposit money in a timely fashion or may be asked to leave prior to the completion of the probationary period. Conversely, the tenant too can be a nuisance for the renter, and there’s nothing that the renter can do about it. Consult a property lawyer about the rights of both the renter and the tenant would be protected through [Vidhikarya.com].
Transferring the property
Transferring property to children or spouse or to someone else, without any monetary consideration is typical in a hierarchical family. At-will transfer of property is a tedious and complex process but eventually it may come to fruition. New papers may need to be created along with court filing and registration.