3 Big Problems That Could Happen in a Real Estate Purchase

Conveyancing Solicitors in Townsville

Conveyancing Solicitors in TownsvilleConveyancing is a term used to describe the process of buying and selling real estate property. As with any business or personal transaction, there are many issues that could jeopardise your purchase. To ensure a smooth transaction, Connolly Suthers and other experts say that you need to hire conveyancing solicitors in Townsville or anywhere nearby.

Here are some of the common issues you can avoid if you have a legal professional in your team:

1. The seller does not have proper authorisation to sell the real estate.

This is a common issue. You see a property and you want to buy it. You inquire and the name on the advertisement talks to you about the details. You agree to the terms and the contract and then, later on, you are informed that the seller is not authorised to sell. There are cases when an owner transfers the ownership of a home to a limited liability company that may not legally exist. There are also cases when a seller has a power of attorney that has already expired. Whichever the case, a lawyer can help you weed out these kinks to avoid wasting time, money and resources.

2. The intended buyer failed to follow earnest money requirements.

On the side of the seller, a lawyer can help you uphold the legalities of an earnest money requirement. For instance, there are cases when the earnest is not paid on time or not paid at all. There are also cases when buyers issue bad checks. These are all considered a breach of contract in real estate. A lawyer can also give you advice on how to handle earnest money requirements, so you won’t end up having to believe that you already have a buyer when, in truth, you don’t.

3. A lawyer can help you find any undisclosed heirs to the property.

Problems with the real estate title can leave many homebuyers without a property. A lawyer can help you find if there are undisclosed heirs to the property or land that could end up in big legal troubles in the future. A lawyer can also help you dig up any past problems with the real estate so they won’t become unpleasant surprises when you finally pay the purchase price.

Buying real estate is a big financial move and a long-term investment. Hiring a lawyer that specialises in real estate acquisition can help you ensure a smooth transaction and avoid legal problems in the future.