3 Ways that a Property Lawyer Can Help You Save Money
Posted on: 25 November 2020
You might think that having a real estate agent when buying a property is enough to get you through the line. However, buying and selling properties is complex and involves significant amounts of money. A wrong move can make you lose a lot of money. It is the reason why you need to consult a property lawyer to ensure that everything goes smoothly. The good news is that many property laws are focused on protecting buyers and sellers. This article highlights ways that a property solicitor can help you save money.
Property Restrictions -- Different jurisdictions and regulatory bodies have the mandate to place regulations on land for the public interest. Such rules can take the form of restrictions to alterations on properties in certain zones. It is impossible to modify land use in such cases, which can be problematic in the future. Notably, buying restricted land might lead to future losses, and many buyers often fall victim to this. For instance, imagine buying land to build residential structures, but the seller fails to disclose that the local council restricts such developments. Your first instinct will be selling the property, but getting a buyer would be frustrating. A property lawyer keeps up to date with government restrictions on land use and advises you accordingly.
Save on Agent's Cost -- Property buyers with a busy schedule prefer to hire real estate agents to find parcels of land which match their needs. Real estate agents work on commission and strive to make a sale happen. Considering that you have to pay a real estate agent and an attorney, it is better to hire the latter. Most property buyers do not know that a highly qualified property attorney can double up as an agent. Moreover, some lawyers collaborate with real estate representatives, eliminating the need for finding an agent yourself. Consequently, you save on commission fee, and you stand to benefit from the range of services that an attorney provides.
Propose Favorable Financing Options -- Real estate involves a significant investment, which is the reason why most buyers shy away from investing in property. Besides, traditional financing options such as banks also do not offer much help due to the bureaucracies involved. Fortunately, experienced property lawyers understand that private funding is the ideal option. Some solicitors know legitimate private lenders who can assist you quickly and offer competitive interest rates.
Reach out to lawyer-solicitors to learn more.
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