When to retain a property lawyer

When buying or selling property, people normally do not consider retaining a lawyer until they have secured a contract of sale. This is obviously done to avoid legal costs. Another reason for not retaining a lawyer is because sellers often think they know all about their property.

 Why should sellers  retain Gold Coast lawyers?

Even if you are a seller, there are several problems you could fall into and might have to engage a lawyer. A residential property contract comprises of warranties which the seller gifts to the buyer. The warranty is a promise that something is as it should be on the date of the contract or at the settlement date.

Under the standard form contract, the seller gives a warranty that the property is not affected by any proposal for transport infrastructure. This could be anything from widening the road or building a new road. If there is a proposal and it has not been disclosed in the contract, the buyer is entitled to terminate the contract.

In Queensland there have been instances where a number of properties are affected by the transport infrastructure proposals and the owner is completely unaware of the government’s plans.  These details can be discovered by a search. In certain circumstances it can impact the use of property in terms of future development and lead to the property becoming devalued.

Properties can also be affected by statutory easements about which the seller has no idea and is only discovered at the time of title search. Failure to disclose these statutory in the contract will cause a termination.

This is why it is essential to engage a lawyer and avoid problems in the contract. Gold Coast lawyers encourage their clients to speak with them when they are looking to list their property or entering a contract to purchase a property. This is done before the signing of the contract. The lawyer then undertakes the searches and prepares the contracts for the real estate agent or help the agent in preparing the contract.

Tips for hiring property lawyers on the Gold Coast

  • It is best to hire an experienced attorney who is aware of all the details when it comes to preparing and reviewing  real estate documents
  •  Make sure that you hire a lawyer who specializes in real estate law. Instead of simply hiring a lawyer who is a friend or a family member, it is better to hire somebody who is experienced in handling matters of property law.
  •  Ask your real estate lawyer questions about their qualifications and how long have they been practicing real estate law.
  •  You must engage a real estate attorney who takes active interest in the case they take on. Always ask the lawyer about their involvement and find out whether they delegate specific tasks to other members of their firm.
  • You have to be proactive when looking for a lawyer on the Gold Coast. They can help you with any possible hurdles and you need a lawyer to help you with the process.

If you’re searching for the best property lawyers on the Gold Coast, contact Marino Law today.