Real estate represents an ultimate form of investment as far as asset acquisition is concerned. The resources that are utilized in such acquisitions are tantamount and in this regard, investors ought to be mindful of various critical factors that will ensure successful transactions. Real estate transactions are encumbered with numerous procedures and a pile of paperwork that require professionals in order execute properly. These professionals include real estate lawyers, agents, landlords, renters, lessees, lessors, and tenants.
Primarily, lawyers play the most fundamental role in comparison with the above-listed individuals. An advocate can be described as the cornerstone of every real estate transaction due to the fact that they enforce the legality of a sale or purchase. If the transaction is based on unenforceable agreements, then the particular real estate transaction will lack legitimacy in the eyes of the law. Lack of legitimacy of an agreement will consequently result in an invalidation of a sale or purchase.In this regard a seller of property should hire a lawyer whose duties are enumerated as follows;
Draft and review agreements
As aforementioned, real estate transactions are based on agreements that are binding on the parties therein. Therefore it is the responsibility of the seller’s advocate to draft a sale agreement that will stipulate the terms and conditions of the said sale. This agreement contains the names of the buyer and seller, the period of tenancy, the terms of sale and the value of the transaction. Thereafter the lawyer presents the agreement to the parties to sign before a bonafide witness.
The title search
A seller can only pass legal rights and ownership of a property that are legally recognized as his. Therefore it is required by law that an individual must prove ownership through a valid title that stipulates him as the bonafide proprietor of the property thereto. The advocate will thereby endeavor to do all relevant searches in order to ascertain such ownership before the transfer is completed.
It is the duty of the seller’s advocate to ensure that the property sold is free from encumbrances like charges or liens. The purpose of the aforementioned searches is to satisfy the buyer that the property is not subject to any charge and therefore free from any encumbrance.
Register the transfer
Registration of the transfer documents will substantively give the transaction the desired legal effect. The state has to be notified of the sale or acquisition through departments of the municipality in which the property is situated.