Use a legal advisor or lawyer when buying a home
With an impartial legal advisor, you avoid pitfalls that can have long-term and expensive consequences. Read along here and find out why it is a good idea to ally with a legal adviser.
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The counselling includes both problematic and personal topics.
Prenuptial agreements, joint tenancy agreements and wills are not precisely topics that most homebuyers consider when the prospect of a new home is just around the corner. Nevertheless, it would be best if you decided on them, as this way you can protect yourself and your family. If you buy a house with your unmarried cohabitant, it is an excellent idea to have a co-ownership contract drawn up.
Unlike married couples who buy a house or apartment together, you and your partner are not covered under any rules.
For example, if one day you no longer want to own your home jointly and cannot agree on the terms for the sale of the house, it can, at worst, end up in a voluntary auction – a situation with many features in common with a forced auction.
Your legal advisor can advise you on this and much more so that you do not end up in something similar.
Should you have a legal adviser or housing lawyer when buying a house?
You are not required to have a lawyer or legal adviser when buying a home. But it is far, far too expensive not to get legal advice when you buy a house or condominium.
You already spend millions investing in real estate, and if you don't get a legal specialist involved in the purchase, you risk making a bad deal.
This means you may end up sitting in a home you bought at a price far above its value. Or you regret the purchase and must pay 1% of the purchase price to cancel the transaction because the purchase agreement did not contain an adviser or lawyer reservation. The rectification of the transaction itself is a wide-ranging process which involves a great deal of contact with and between the bank, land registry and estate agent. In particular, land registration and deed preparation are tasks that many choose to outsource to a legal adviser – and with good reason.