In case you are out to buy a property – house or apartment or an estate – the most important component of the purchase is often forgotten and not handled with adequate seriousness it demands. People most often get busy in scraping up the dough or arranging the loans and finding the best fit option of their dream home and conveniently overlook to examine the legal aspects of the transaction. One keeps running to the bank for ensuring the funds and browsing the media (newspapers, magazines, net) and of course, instances the friend circle to find the best choice within the budget, but how many go looking for the Real Estate attorney. The first response or reply would be that what does an attorney have to do in the process of buying a property? What is required to buy a house is money and attorneys do not find the money for someone. If that is your stand then please read on, there are surprises ahead and some of them quite chilling.
Most important aspects of real estate deals
- Title Deed: Are you sure that the plot of land on which your dream home would be coming up (or is already situated) is free from all legal hassles and complications? In these times nothing can be taken for granted and this being a very high-value transaction the possibilities of some legal complexity are very high. For instance, the plot of land was owned by one Mr. X who has died twenty years before leaving two sons and three daughters. It is necessary that all the five children of Mr. X give consent to the sale of the piece of land on which your building is going to be erected. If after the house has been completed, you move in and on the house warming ceremony, you get a call from overseas that the caller is the second daughter of Mr. X who is now in New Zealand and she is sorry to say that despite her not giving consent to the sale you have constructed your house and you should either vacate the house or cough up a small fortune so that she gives her consent to regularize the deal. The party may be warming up the house but you are boiling inside and wanting to boot yourself on the back as to why did you not get the credentials of the plot of land checked thoroughly by a Real Estate attorney. There is an innumerable instance where the legal hassle of this and such oversight had to be settled at a tidy expenditure. The process is not easy especially for the people who have never dealt with real estate before.
Making sense? Okay, that was just the tip of the iceberg; please read on to avoid another Titanic disaster since you will have to invest a tidy amount for your property and you certainly do not want to go the Titanic way.
- Bank documents: One may feel that when the bank or maybe some other financial institution is giving the loan against this property, it is their job to see that the property is free from all sorts of complications. Remember, it is your property, you will build your house on it, you will sweat and scream to get the exact design made for your den, the bank is just bothered about the value. They give the loan to you on your assurance that you will pay it back in full. Have you carefully gone through (and understood) the entire text of the Terms and Conditions to which you have agreed? Most people do not pay attention to those terms and conditions and just sign on the agreement. For reading through the complex text of such terms and Conditions needs expert help, an attorney expert in real estate deals can do that of their behalf. These people are trained to not only read the “fine print” but also the space in between those closely spaced lines. The actual meaning of what has been printed will be clear to the seasoned, trained and conditioned eyes of the Real Estate attorney and not us the unsuspecting buyers.
Do not get disturbed so fast – there are more issues which are more dangerous while apparently, they are much too simple.
- Civic aspects: The first response of any person would be to attach no importance to these aspects of Civic Authorities meaning the Corporation, Municipalities, Electricity Supply and all those people who deliver the comforts that do together with a home. These are the civic aspects of a property that no one can ignore and become immensely important when you start leaving there permanently. If you are buying a ready house or apartment then whether the plumbing lines, design drawings of the building, electrical connections and loads permitted and all the relevant factors have been duly approved by the civic authorities or not need to be checked up. In case there are any modifications to the approved drawings and whether these modifications have been got approved by the concerned authorities need to be ascertained. Any lapse, intentional or unintentional may imply your taking time off from office and doing the rounds of the offices of the civic authorities. The most sensible thing to do is to hire a legal expert to verify these aspects before you take the plunge. In case they find any irregularities they will guide you to get these rectified before any real harm gets done.
There remain many legal aspects that are out of your knowledge or you may not pay much attention to it. While readying the funds is very important it must be borne in mind that the legal aspects of any property can be very disturbing which may snowball into a major issue in the future. The investment being very high it is always advisable to have a legal expert with you so that you are safe from any legal implications at a later date. A legal expert can make your work easier, accurate, and smooth-sailing on all aspects.