Buying a property is not a simple decision. It is a big move that can put your money at risk if there are transaction problems or if there are issues with the land or building’s location or structural integrity. It can also be complex due to the documents that must be correctly submitted and strict legal procedures to be followed.
Property lawyers make the property purchase process less stressful by reducing risks or helping you create effective solutions to legal matters.
Read on to know more about properties and the role of good property lawyers when it comes to property law.
What Can Be Considered a Property?
A property, as defined by the Australian Law Reform Commission, can be real or tangible things like cars or buildings and incorporeal or intangible things like designs, patents, creative works, stocks and company shares. Intangible properties are protected by legal rights, such as intellectual property rights, copyrights, superannuation rights and beneficial rights in trust property. Therefore, a property is any physical item or non-physical valuables owned by an individual, group or entity and is subject to legal rights.
Types of Properties
Property is a broad term that covers several kinds of things. To understand it better, here are the main classifications of properties.
This includes personal belongings like vehicles, clothes, books and jewellery. It is something that the owner bought or crafted. It can also be intangible like intellectual properties and digital assets.
Private properties are under the name of a private individual or group. Compared to personal property, it includes ownership of things bigger than clothes or books. It usually involves individuals doing the labour, while the owner gets most of the profit like farms or factories.
Real Estate Property
This includes land, buildings and the rights to use them. There are five types of real estate properties:
- Residential — houses, condos and townhouses
- Commercial — shopping malls, grocery stores, offices, theatres, stadiums and restaurants
- Industrial — factories, power plants, warehouses, as well as research and development parks
- Raw Land — farms, orchards and ranches
- Special purpose — parks, libraries, cemeteries, parks, government offices and schools.
What Does a Property Lawyer Do?
Property lawyers can help you navigate through all the laws and regulations that govern all types of properties. They can help you in various legal aspects and procedures of buying or selling properties, including conducting research, drafting contracts, doing negotiation and even handling disputes or court proceedings.
Property lawyers also defend the rights of tenants and landlords when issues arise. They ensure that property transactions will go smoothly, so hiring one is beneficial if you want to save time and money.
Effectively Prepares Documents
A skilled property lawyer takes care of the necessary documents and files them without error. You can rely on them if you need someone to prepare all the contracts, titles, insurance policies, mortgage documents, transfer documents, purchase agreements and more.
Thoroughly Reviews Agreements
They will help you understand the terms and conditions that are written in the contract and will let you know if there would be issues if you sign them. Your interests are their priority, so they would warn you if you will be at risk of being at a disadvantage.
Property lawyers can help you find solutions when there are problems with land acquisitions or if you are having disagreements with your tenant or landlord. They can negotiate for you and will strive to gain a favourable resolution.
Representation in Court
Given that property lawyers are experts with the law, they know how to gather evidence and arguments that could be used against lawsuits. They are licensed to represent you in case of court proceedings.
How Do I Choose a Property Lawyer?
Choose a Licensed Lawyer
By choosing a licensed property lawyer, you can be sure that they have the knowledge, experience and skills to efficiently handle your case.
Do Some Research
Ask your friends and relatives if they have someone whom they can refer to you or search online for property lawyers who are located in your area. However, before hiring them, be sure to do background checks to know if they are legitimate and reliable.
Ask Them Questions
Get to know them and get a glimpse of how they work during your consultations. To do so, try asking them these questions:
- How did you handle other property law cases like mine?
- What are your fees (flat fee or billable hours)?
- What are your terms and conditions?
- How and when can I contact you?
Also, take note if they reply to your questions patiently or if their answers seem to be throwing you on a loop.
How Madison Marcus Can Help You
If you are looking for a property lawyer in Sydney or Brisbane, Madison Marcus can gladly assist you. We are also located in Melbourne, Pert, Adelaide and Parramatta.
Madison Marcus is an award-winning law firm with experienced lawyers who can offer you full property service and assistance in all levels of property law. We are capable of acting for developers, owners, and tenants in residential, commercial and industrial real estate spaces.
If you need private client conveyancing work, we can also do that for you. In addition, we can effectively guide both landlords and tenants through commercial and retail leasing.
Madison Marcus can assist you in these areas related to property law:
- Property acquisitions
- Real estate due diligence
- Joint ventures and finance
- Site access arrangements
- Corporate and trust structures
- Stamp duty, land tax and GST advice
- Off-the-plan and post-registration sales
- Subdivisions, consolidations and partitions
- Preparing easement and covenant instruments
- Purchaser notifications and conveyancing settlements
- Drafting master sale contracts, strata bylaws and management statements
- Drafting and reviewing agreements for lease disclosure statements and leases.
For all enquiries or to book a free 15-minute consultation, contact us today.