Investment in properties in present times is too risky but very profitable to make in certain circumstances. If you are planning to buy a new property, be aware that several legal aspects are involved in the decision you are going to make. You will certainly choose a better property where your hard-earned money will be invested. The basic practice to follow in any property transaction is to accept only a property that not only meets your requirements but is also appropriate from the view of legal authorities so that you do not end into some legal complications.
Now, the question comes what factors determine the legal acceptance of a property?
Is it secure to make the property transaction without a legal opinion?
When it comes to committing a property sale or purchase, the need for a legal advisor is felt, for property deed, legal implications, government approvals, for knowing the legal capacity of the property and related compliances.
Think of a situation where relying on terms of the project documents you committed a property purchase which later you found “charge of a government entity” or “You missed a document without which the sale deems to be illegal”, then what will you do?
What is the property?
To buy a plot of land or be it a spacious flat, showroom, shop factory or godown all of them subject to a common term property. To buy a property, several legal formalities have to be fulfilled. It is not possible for a common man to cater and keep knowledge of all the related formalities.
Here, the role of a legal advisor cannot be undermined; backing up knowledge of all legal formalities and procedures, he helps to fairly complete a property deal. This is how your money spent on hiring a legal advisor will be benefiting you:
#1 Affirms the legality of the sale agreement:
A sale agreement is a document that legally compels for the transfer of property from the seller to buyer (parties to sale/purchase transaction). It casts rules and conditions which are accepted/followed by both the parties while committing the transaction. A legal advisor here has a dual role to play, as an affirming agent to the buyer, the advisor checks for the clauses of the old property agreement & the legal status of the property and as a legal practitioner getting the new sale agreement prepared with all conditions and legal formalities are his jobs.
#2 Ensures all approvals are in place:
There is a list of civic formalities to do while committing a property deal. To be aware and keep up with all such formalities, the assistance of a legal advisor is necessary. Checking for municipality approvals, floor plans, structural safety reports, environment policy approvals, etc. all is to be done by the buyer. Without any prior knowledge and help of the legal advisor, it will be difficult for the buyer to transact the property in their own name.
#3 Report for all legal adjustments required:
A legal advisor has to work in order to do a legal audit of the property. He can answer in a much better way about the legal aspects of the property and provide the buyer with a report for:
- Status of Mortgage and Court Disputes associated with the property.
- The Authority governing the Property being a local body, Corporation or any other approved government entity.
- Encroachments or law violations related to the property.
- Intervening third or fourth party contracts in property and much more in-depth details.
It is vital to take clarity of all property issues from a legal advisor. More than just keeping the view of the title of the property, a legal opinion in the form of a report will better be able to express the issues related to the property.
Of course, the person appointed as a legal advisor has some charged expenses to make the whole scrutiny including his service fee, but he is the only person who can save your money or can make you rightly pursue a purchase of your dream property.
Not only in a one-time deal but being also as a regular investor in properties obtaining a legal opinion in writing each time making a new property purchase contract does make a difference on the positive side.
So, All in all, it is a decision on the safer side to take the advice of a legal advisor before making any property decision.
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