What Does An Auckland Residential Property Lawyer Do?
An Auckland residential property lawyer plays an important role in the biggest financial event that most people will encounter. Therefore, it is essential that it goes smoothly, not only in the transaction, but also that there are no unwanted repercussions down the track.
The lawyer will explain the process and obligations of people entering into a residential property transaction and also carry out the necessary tasks to complete the sale or purchase. Here we look into some of the activities that the lawyer will undertake.
Auckland Residential Property Lawyer Acting For a Buyer
For wise purchasers, the first contact with their Auckland residential property lawyer will be before they look at any potential houses or apartments to buy. They will get advice about what to look for with a property such as leaky buildings, not to sign any documents until the lawyer has reviewed them, any obvious issues in the neighbourhood, and more. In short, the lawyer’s job is to prevent their client from committing themselves to a risky situation.
Once the buyers have found a property they want to buy, they can have their lawyer review the offer document which is usually a standard Law Society Sale and Purchase Agreement. The lawyer can suggest adding clauses or editing any added by the seller.
After the offer has been accepted, the lawyer will conduct a title search to show the seller is the legal entity to sell, and any outstanding mortgages or liens on the property, if there are any covenants or easements, and more. Assuming all is ok, they will then work with their client to ensure that any conditions are met. This will include verifying that finance is in place, generally by way of a mortgage, and in recent time, cash provided by parents.
As settlement day approaches, they will make sure that building insurance will be in place at the time of settlement and then handle the transfer of monies from the lender and onwards to the seller’s lawyer’s trust account.
After the settlement, they will submit the changes in ownership and the change in title deed details.
Auckland Residential Property Lawyer Acting For a Seller
For the seller, the lawyer’s role is equally important although less demanding.
They will review the offer document including any additional clauses the buyer may have added.
The lawyer will also check that any outstanding mortgage can be discharged to release the lender’s interest in the property. In most cases, the proceeds from the sale will be sufficient to cover that outstanding debt, but sometimes they aren’t in which case the seller has to produce additional funds to satisfy the lender’s loan.
After settlement, the seller’s lawyer will that the changes of interest, both in title and mortgage are verified.
Additional Services
Sometimes property lawyers in Auckland are asked for advice rather than carrying out areal estate transaction. For example, what are the issues involved in relationship property, how can people manage a loan, or gift? What happens if property is transferred to a family trust? How can people refinance a loan? And many more.
Summing Up
At the end of the day, an Auckland residential property lawyer has to help their client successfully complete either a sale or a purchase of a piece of real estate. We have seen above some of the steps they need to take. If you are about to enter into any real estate deal, talk to a lawyer at the earliest opportunity. McVeagh Fleming in the Auckland CBD has an office with lawyers ready to help.
www.mcveaghfleming.co.nz