Why you need a lawyer in a property transaction

The brokerage profession is not yet regulated by law and there is no obligation for brokers to monitor the legality of a transaction, the tax effect of the transaction, the existence of encumbrances on property, the structuring of the transaction from a financial point of view. Brokers are needed in the real estate market.

For the preparation of documents and the overall conduct of the real estate transaction, it is necessary to first consult a lawyer who is a specialist in the field of non-residential real estate and property law.

What are the pros of having a lawyer

• The legal profession is statutorily regulated and constitutionally governed.
• A property law attorney verifies ownership of property. Once an analysis has been made the lawyer will advise the client of the risks associated with the purchase. A preliminary contract and deed will be prepared, protecting you and reflecting the specifics of the transaction.
• The real estate transaction is accompanied by additional legal cases or the need to conduct procedures- deletion of encumbrances, registration of acceptance of inheritance, issuance of permission to sell property to a minor.
• Many people do not find the point of  working with an attorney, but subsequently, in the event of a case, no one can be held liable because neither the broker nor the notary has a legal obligation to look after the rights and interests of the party to a transaction. The use of competent legal assistance has many other advantages that depend on the specifics of the transaction, its structuring, the personal relationships between the participants, the type and legal status of the property and the negotiation process.
• He knows what to expect in the transaction, as every real estate transaction has mandatory document requirements that accompany it.
• In case of problems with the property, missing documents, unclear ownership, the lawyer will advise you to abandon the deal or give you other possible solutions.
• Often banks require from the prospective buyer a lot of documents, change their requirements to him, thus creating difficulties to finalize the transaction before a notary. Your lawyer, communicating with the banking institution, will advise you on how to proceed and explain the obligations you are committing to, as well as prepare the necessary documents.
• Notary fees and transaction costs are an integral part of the transaction. The lawyer is the one who will intervene in cases where they are not calculated correctly.

• A lawyer who knows the history of the property you have purchased and the details of the transaction will be helpful in future disposition of the property- sale, donation, partition, etc.