Buying a house or a piece of land is the largest financial transaction most people make in their entire lives. In such instances, one would want the transaction to be as smooth as possible since they are committing their life savings or taking a significant amount of debt. The work of property lawyers is to ease the property purchasing process by handling its legal aspects on behalf of clients.

Below are some of the duties of property lawyers.

Providing legal advice

Property lawyers are well versed with aspects of property law and property management. They will give insights on zoning regulations and restrictions. Further, they know areas where the price of property is likely to increase. You will benefit from this kind of advice prior to purchasing property as you want to get the best value for your money.  

Drafting contracts

A real estate contract is a legal document explaining the terms of property sale. In Australia, it is a legal requirement when doing property transactions. The contract of sale format differs across each state in Australia. It identifies the parties involved in the transaction, the property on sale, the price of the property and the terms of payment. A wrongly drafted contract could lead to future liability. As such it is best that the property lawyer prepares the contract. Other documents that the lawyer can draft include lease and rental agreements depending on the nature of the transaction.

Making Negotiations

Whether you will be buying or selling property, it is best that you let the lawyer negotiate on your behalf. Property lawyers are armed with different negotiation skills meant to woo the other party to accept your offer.

Making due diligence

Once hired, one of the immediate tasks that the property lawyer takes up is conducting due diligence. He or she looks into the property on sale to validate its legal status. The lawyer also ensures that the title documents are legal as per the state law. Your property lawyer appraises or valuates the property to ensure that the offer is reasonable.

Organising financing

If you intend to purchase property through a mortgage, the property lawyer will prepare all financing documents that are required by the bank. Further, he or she will liaise with your bank to make payments to the seller.

Property lawyers are a critical aspect of property based transactions. They offer legal advice, prepare transaction documents, negotiate the purchasing terms, conduct due diligence and organise financing.