Often, while purchasing a property, you might cross your financial budget. Not only that, you might have to take a mortgage as well. During such a situation, it isn’t easy to think of spending on anything else.
Despite these financial constraints, it is a good idea to hire a property lawyer as well. The property lawyer can help you in numerous ways while purchasing a property.
Today, we will share why it is necessary to hire a property lawyer before you conclude the property transaction.
1. Study the Contract:
A property transaction involves a lot of paperwork. When you go through it, you will realize that it consists of a lot of legal jargon.
You cannot sign on anything while purchasing a property. You have to understand what is written in the contract before signing the dotted line.
A property lawyer can help you with the same. If need be, your property lawyer can modify the draft of the contract. It is the buyer’s responsibility to ensure that the contract is fair and square.
2. Do a Background Search
When you hire a property lawyer, the lawyer, through their secretaries or themself will conduct a background search on the property and the individual selling the property. This is to ensure that you are not being conned while buying the property.
The most important aspect of this background search is the title search. That will help you understand whether the seller is the actual owner of the property or not. The background search of the seller will also let you know whether the seller is an undischarged bankrupt or a financially sound individual.
This step alone necessitates you to hire a property lawyer before concluding the sale of the property.
3. Send Requisitions
During the purchase of a property, you need to send out legal requisitions to various departments in Singapore. Only when you get a satisfactory reply from these government departments can you purchase that property.
A property lawyer will send all these requisitions on your behalf. You might not even know the nine government departments to which you need to send the same. However, a property lawyer is well versed with the procedure.
If you fail to send requisitions and get a satisfactory reply, you might end up buying a property that might be demolished in the future. It can be leveled for MRT work, building a road, or sewage drainage system. To avoid such a loss in the future, it is necessary to hire a property lawyer singapore to send these requisitions and get a reply.
4. Exercise Option to Buy the Property
Every property transaction comes along with a deadline. You have to exercise the option to buy the property within that time. If you handle all the paperwork yourself, you might not be able to abide by this deadline. A property lawyer can certainly help you do the same.
5. Help You With the Mortgage Documents
The paperwork is not limited to the actual transaction document. You will likely be taking a mortgage as well.
The lawyer will study the mortgage documents to help you understand precisely what you are committing to.
Hiring a property lawyer is a necessity while buying a house in Singapore. Rather than thinking of it as an unnecessary expense, it is the first thing you should do when you shortlist a house to buy.