As it is said, “Prevention is better than cure”, but one hardly thinks of follow this, especially when it comes to hiring a real estate lawyer. Would you ever think of taking the legal assistance before buying a property or renting it out? Absolutely not! Because you are confident of handling the entire matter on your own and thus wouldn’t want to spend an extra penny on things that you may consider just an unnecessary expense.
But remember, by property lawyer, you may be able to protect yourself from financial losses later. Let’s have a look at some of the scenarios where a property lawyer can help you:
1. Payment terms - While most individuals can negotiate face-to-face with another party, sometimes the terms of the deal are required to be carefully reviewed to expect the best results. A property lawyer can negotiate on your behalf and ensure that the contract adheres to the law as well as addresses any issue that might hinder the future use of the property. A real estate lawyer will review the contract for any legal glitches and make amendments accordingly.
2. Addressing liens against your property - Before sealing the deal, it is necessary to ensure that the title search is clean. The outcome of the title search is necessary as it clearly states that whether the seller has legal rights to sell the property or not. Suppose a title search reveals that the seller is required first to pay a lien or clear the outstanding court judgement before completing the deal, then a lawyer can address this issue and ask the seller to sweeten the deal, like by granting a price reduction.
3. Sale agreement - There are various inclusions or clauses of a sales agreement. It will have details, like, contact details of the seller and the buyer along with the negotiated price and how the payment is being made. Also, the time-frame will be mentioned in the agreement. These clauses are important as they detail everything that will help in making a safe transaction. In India, the ‘Property Sale Agreement’ falls under the purview of the Indian Contract Act,1872, the Registration Act, 1908, and the Transfer of Property Act. This Act applies irrespective of who the seller is— friend, family, acquaintance, or a stranger. It is necessary to have a written agreement to establish the property's authenticity legally. Therefore, it is necessary to get the deed carefully verified by an experienced and established property lawyer.
If you are buying an apartment from a realty company, carefully check with the Registrar of Companies to ensure that the property is of freehold nature. In any case, the apartment should be free of any monetary obligations and not mortgaged. A property lawyer can help you with this.
4. Filings - There are some real estate deeds which need to be filed at the state level. A property lawyer will be able to do it quickly. Also, if further construction is not allowed on your property, a good property lawyer will be able to navigate through the maze of legal regulations to ensure that you get the permission for the construction.
If it is a commercial property, then it becomes more important to go for a property lawyer who will help to cut through red tape to get all the necessary permissions.
5. Power of Attorney - A legal document giving one person (known as agent or attorney-in-fact) the power to act for another person with respect to property, like renting, selling, buying, etc.; is called a power of attorney. In most of the cases, a power of attorney is used in case of illness of the principal or disability or when the principal can’t be present to sign financial papers. Immovabale properties can legally transfer only through a registered sale deed of conveyance and not through power of attorney. Still, there has been a rise in the number of cases where people have misused power of attorney to execute property deals. As the Supreme Court of India has made the sale of property through power of attorney invalid, you can face a legal issue if you are buying the property from a person on the basis of power of attorney. It is necessary to take the help of a property lawyer to establish the validity of the seller and find any legal bugs.
6. Estate planning - We all know that anyone can draw a will even on a simple piece of paper, however, this doesn’t mean that it will not cause legal troubles to your heirs. In order to avoid problems from cropping up in the future and prevent your legal heirs from spending a fortune on court fee, it is necessary to fix the gaps. Most of the people aren’t familiar with legal terms and thus, they ignore critical issues. For instance, do you know, you can’t bestow assets to a person who is also a witness to a will? Further, the religion of a person also governs the property transfer procedure. The entire time and efforts will waste if you commit a mistake in drafting a will. Here’s why it is necessary to get the help of a good property lawyer who will advise you on the type of property which you can legally pass on through the will along with giving guidance on various other aspects.
7. Leasing property - A broker may not be aware of legal jargons and therefore, he may not be the right person to draft a lease contract, which plays a crucial role in such deals. For instance, there is a difference between ‘renting out’ and ‘leasing it’. Moreover, the job of a property lawyer doesn’t end with preparing the agreement only. Once you lease your property, the housing society where your property is situated may levy certain expenses, like higher maintenance charge, non-occupancy expenses, etc. A lawyer would guide you.
Though, it is not mandatory to have a property lawyer, it is necessary to have a good lawyer to represent your interests. The real estate world is full of intricacies, however, with the right legal help, there is no reason to fear the legal complexities. It is something that can be easily conquered with the help of a property lawyer.
While choosing a property lawyer, make sure that the person is qualified and experienced enough to represent you in the court. In the market, many people are working as a lawyer without a valid license. It is not a positive sign as they can’t represent you in the court.
A licensed real estate lawyer is always ready to work with high ethics. Sometimes, people take the help of their family lawyers to deal with issues pertaining to property. However, remember, the concept of a family lawyer is similar to that of a family doctor who will only take care of some minor ailments and may refer to a specialist for major health issues. Similarly, your family lawyer may advice you on a divorce case and certain property aspects, but for complex legal aspects, it is advised to go to a property lawyer.
It is advised to take the help of online portals, like LawRato to find a competent and experienced property lawyer in India. In the case of any query, call and get free legal advice from the best Supreme and High Court Lawyers in India. Moreover, you don’t need to worry about the professional expertise of a lawyer because here you will get a comprehensive database of highly qualified and experienced property lawyers only.
The Bottom Line
Having a competent and reliable property lawyer makes sense because of the complexities that may be involved in a real estate business. An experienced lawyer can work towards safeguarding your interest and ensure that all your real estate transactions are as per the rules.