Real estate transactions are very sensitive and require a great deal of research and caution to ensure that you’re not setting yourself up for a loss. Here are 5 reasons you need a real estate lawyer when conducting real estate transactions.
1. You’ll need to have Contracts Drafted
There’s no running away from it. Once property is being sold, you’ll need to have the deal set out in black and white in a formal contract. A real estate lawyer will not only draft the details up in an official contract, but they’d also partake in the negotiations for you ensuring you get the best possible deal. While drafting the contract, your lawyer will then ensure that the deal adheres to all local laws reducing any liabilities for you.
2. Title Searches will need to be done
One of the most important roles of a real estate lawyer is to address any liens attached to the property. The way to do this is through a title search at the lands registry office. The purpose of this title search is to ensure that the property being sold is free from any encumbrances. The outcome of the title search is very important, because it determines if the seller has a legal right to sell the property or not.
3. Property transfers & Titles will need to be applied for
In order to secure the title after the property is bought, your attorney will be able to assist you in converting the existing property title (Deed of Conveyance in Belize) into a First Certificate of Title. This can be a very tedious process if done without the help of a real estate lawyer.
4. Real Estate Lawyers can Provide Great Advice
Apart from handling official documents on your behalf, real estate lawyers can provide excellent advice on any necessary building licenses or additional charges you may need to incur. They can also refer you to certified architects, realtors or contractors who can assist you with other phases in purchasing property.
5. A Whole Lot can Go Wrong without a Real Estate Lawyer
It isn’t a legal requirement to hire an attorney when conducting real estate transactions, but you greatly increase your exposure to liabilities without one. A lawyer’s job is to ensure that all the relevant facts about the property are disclosed and known to both parties to ensure no confusion happens. Also, without a lawyer you may not be aware of all the areas that require special permit to acquire property on. These oversights can levy fines and other repercussions against you.
When conducting real estate transactions in Belize, be sure to always consult with a Belize real estate lawyer and Belize real estate agent to avoid encountering any mishaps.
