First-time Buyers – Hire A Manukau Property Lawyer
If you live in the south Auckland area, buying your first home is both exciting and scary. To reduce the scariness, you need to have an experienced Manukau property lawyer in your corner carrying out the checks and actions to make your exciting time as smooth as possible.
Why You Need a Manukau Property Lawyer
The old cliché is that a house is the biggest expense that most people ever make. In fact, the cost isn’t simply the price that you pay for the house because you will most likely have a loan from a bank or mortgage provider, and they will be charging interest. Over the life of the loan, this is generally about the same as the price you paid for the house!
You must understand your obligations when you take out a mortgage. Your lawyer will explain the importance of making the regular payments to the lender because if you get into arrears, the mortgage company is entitled to take possession of your house. Your lawyer will make sure that this is clearly understood as you don’t want that to happen.
Before you take possession of the house though, your Manukau property lawyer will have to carry out some research such as establishing who has the current Title to the house, This will verify that the person selling the property is entitled to do so.
They can also source a LIM report for you and explain the meaning of the contents. For example, has any renovation work been signed off by the Council.
House Purchase Contract
The most important part of the house buying process is the contract. Some might argue that the price is more important but if you plan to live there for many years as a home, price is less significant than if you are looking to rent the house.
The contract contains all of the key data for the house purchase. The price, the names of the buyer and seller, settlement dates, and a lot of other detail.
Most house purchases in Auckland use the Auckland District Law Society Sale and Purchase Agreement. This means that unfavourable clauses cannot be sneaked in. However, many buyers or sellers add additional clauses. Your lawyer will advise you what to include or what the other side means by their additions.
All of this is to make sure that you will be able to buy your home without any unnecessary drama.
Completing The House Purchase
After the signing and exchange of contracts, your lawyer will progress the documents to the lender, make sure that mortgage documents are received and signed, and then arrange for the transfer of funds from the lender to your seller’s lawyer.
Finally, the lawyer will register your title so that you will be seen as the official owner of your new property.
Conclusion – The Critical Role of a Manukau Property Lawyer
It is possible for a well-educated amateur to process the purchase of a property, but it is a lot of work, and you leave yourself open to errors. Those errors can be very costly. To ensure that your house purchase goes smoothly, is legal, and that all parties are satisfied, your need to hire a Manukau property lawyer. A law firm n the area with a team of property lawyers is McVeagh Fleming. You can find out more from their website.