Property lawyers play a very crucial role in the purchasing and selling of real estate. They manage all legal issues and play a critical role in ensuring that all legal and statutory formalities are adhered to strictly. The reason why this post is location specific to Melbourne is that in Australia, the laws regarding property law vary significantly between States. Hence there cannot be a standardised write-up of the role of property lawyers.
Many aspects of real estate like stamp duties, legal fees FIRB approval fees and buyer’s agent’s fees are not the same in different States in Australia. For example, Residential property lawyers in Melbourne will be going by the Property Law Act 1958 and the Sale of Land Act 1962 whereas property laws in South Australia is governed by the Law of Property Act 1936 and The Real Property Act 1856.
What is a Residential Property Lawyer?
Residential property lawyers are legal professionals specialising in property laws. They are also known as conveyancing lawyers. It is their responsibility to ensure that the process of transferring ownership rights from the seller to the buyer is following all legal requirements of the State. You might have gone through the process of transacting in residential real estate before, but here you will get to know the intricacies of the transactions.
The Role of Residential property Lawyers
You cannot buy real estate if you do not go through the conveyancing process. You have to ensure first that the help you hire is qualified and experienced in this field, regardless of whether you opt for a property lawyer or a licensed conveyancer. Research on this topic before making your choice. A good property lawyer offers services across a broad spectrum. These include –
- Land development – Property lawyers help to value single plots or multi-acre parcels of land and also help to manage the sale and development of the land. They also assist in planning agreements and conditional land contract sales.
- Re-mortgaging – A re-mortgage is when you take out a new mortgage against your property. This might be to get a better rate or to get more money from the same property. A property lawyer will walk you through the steps and certify the value of the property as per existing market conditions.
- Boundary disputes – When a boundary dispute arises over two neighbouring properties, usually over the area of land, a property lawyer can get all the old sale records from the statutory authorities and intervene in this matter to offer solutions. Sometimes disputes are over such minor issues as aligning fences or a tree hanging over the other’s garden.
- Auction sales – When you are buying property in an auction, it is yours as soon as the hammer falls. But have you ensured that there are no encumbrances and lien on the property and that you will have a property with clear and marketable rights? This is why you have to appoint conveyancing experts such as P&B Law Firm to do the groundwork for you.
Property lawyers will check the condition of the property and advise you on the purchase and the rate that you should pay for it at the auction. Auctioneers also have a responsibility to provide your property lawyer with a legal package that includes copies of any searches carried out as well as the title details. Hence you can be sure, not only about the condition of the property but also whether you get clear ownership once the bid goes in your favour.
The main reason why you should always hire property lawyers from within your State is that they will be aware of all the local market conditions and laws and can, therefore, advise you suitably.