Real estate law deals with the use and ownership of land, as well as the construction of buildings on a piece of property. Real estate law affects home buyers and sellers, and it also applies to landlords and tenants. A real estate lawyer can help with different facets of real estate law. Here are some of the benefits you get from hiring a real estate attorney.
The first role of a real estate attorney is to help you with due diligence. There are legal obligations that you must fulfil when buying or selling real estate. This means you must make accurate calculations and present all necessary documentation. A real estate lawyer also ensures that property is insured and documented. All of these processes have to be completed before any purchase or sale of a property. Your lawyer will prepare a checklist to ensure all the requirements for the purchase or sale of property are sufficiently met.
Real estate lawyers are involved with the preparation of documents such as the agreement of sale, agreement of purchase, title deed, and closing documentation. A real estate lawyer will ensure any sale or purchase contract is legitimate. They may also be involved with researching the history of the property, inspecting the insurance and the title of the property, and establishing whether there are unpaid utility or tax bills. Your attorney will also check the zoning of the property in question.
A real estate attorney also acts as a compensation lawyer. They also play a significant role when the government shows interest in your land. Private property can be taken for public use by a government entity. If this happens, fair compensation is awarded to the owner, but no approval is required for sale. This is done for projects such as building highways, roads, schools, and public buildings.
In Australia, the Land Acquisition Legislation Amendment Bill 2014 is involved with the purchase of private land by a government entity. This law ensures landowners are compensated for the property that is acquired by the government. It also provides a straightforward and fair approach for landowners. A real estate lawyer can help you file a claim or get fair compensation in this condemnation process.
Summing It Up
Buying or selling land is a sensitive matter that must be addressed with utmost caution. The verification processes and the contracts signed during these transactions have serious legal implications. There are also statutory limitations and condemnation processes that are too complicated for the layman to understand. For this reason, hiring a real estate attorney will ensure that any transaction involving land proceeds smoothly without coming back to haunt you in the future.
To learn more, contact a lawyer.