Purchasing a property involves a large sum of money. The property buying process also involves various legal procedures, as transactions are governed by state and local regulations. It includes important documentation work, which may be confusing and time-consuming, especially if you are a first-time buyer. Hiring a lawyer can be beneficial as they can protect your interests and help you in case of any disputes or disagreements. Legal professionals can assist you at various stages of your home-buying journey. In this article, we will explore the various benefits of consulting a lawyer if you are planning to purchase a property.
Research and negotiation before property transactions
You can approach a lawyer to get their advice on a property you are planning to buy by sharing the key details such as the design plan and other documents. They can help by reviewing the documentation and negotiating any changes required in the purchase agreement.
Seeking necessary approvals
Hiring a lawyer may be particularly beneficial when purchasing a resale property. Such transactions may require a no-objection certificate (NOC) from the housing society. Similarly, there may be other requirements to be met. One can seek information about the same from a legal expert.
The sale and purchase of a property require various approvals and formalities to be completed with the relevant authorities. This includes municipality approvals, structural safety reports, floor plans, environment policy approvals, etc. Taking the help of a legal advisor may be beneficial.
Searching titles and closing deals
When a transaction is finalised, the buyer must establish the seller’s ownership of the property. A legal professional will also check all the clauses of the old agreement and the legal status of the property. They will also assist in preparing the new sale agreement.
Dealing with property disputes
One can take their assistance in case of any dispute related to the property. Buyers can approach the RERA or consumer forum in case of any disputes with the developer. While having a lawyer is not mandatory but it may be beneficial to approach a legal professional as they are aware of the various provisions.
Opting for mortgage, insurance
Besides negotiating the sale terms, property price and closing costs, legal professionals can also provide valuable advice related to mortgage and property insurance.
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Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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