One of the significant contributors to Australia’s economy is the property industry. Investor demand has been a vital driver of growth in the residential property market. The same goes with retail and non-retail commercial real estate, which continues to thrive because of low interest rates and strong investor influx.
When it comes to all matters covering real estate, hiring a property lawyer is non-negotiable. Buying or selling property is a financial milestone. For this reason, you need a property lawyer on your side to act per your instructions and in your best interest.
Commercial property lawyers advise on transactions, such as acquisitions, disposals, leasing, developments, joint ventures, asset management and funding arrangements. These lawyers may also appear in court when disputes arise relating to real estate and property law in Australia.
What Does a Property Lawyer Do in Australia?
This section explores the range of services that deal with property law in Australia.
Residential and Commercial Property
Property lawyers oversee the sale and purchase of the following:
- Torrens title
- Strata title
- Community title
- Neighbourhood precinct properties.
Retail and Commercial Lease
A property lawyer tackles every area of retail and commercial leasing, including:
- Exercise of options.
Mortgage and Loans
Property lawyers draft and prepare documents to form loan facilities and the required documents to secure your interests.
Developers will require the wealth of knowledge of property lawyers on a range of matters, such as:
- Plan preparation
- Drafting of 88B Instruments
- By-law creation
- Compliance with disclosure requirements.
Revenue NSW Applications
Property lawyers clarify all applications that cover Revenue NSW, including:
- Transfer duty
- Exemptions or refund applications for individuals, companies and corporate structures.
Related Party Transfers
The services of property lawyers are also needed in transfers between parties that may arise as a result of the following:
- Deceased estate administration
- Family law separation
- General restructuring.
A property lawyer can give invaluable advice to people planning on moving into a retirement village or aged care facility. These lawyers discuss various documents and obligations that arise out of this decision.
The Benefits of Hiring a Property Lawyer for Property Hunting
If you are surveying the real estate market for a new home, getting the services of a property lawyer is probably not on top of your mind. However, there are considerable benefits to bringing in a lawyer early in your property buying journey. Here are some of the most significant advantages of having one.
While most people are not experts in negotiations, property lawyers have extensive experience in such. These professionals are in a better position to get you, at the very least, a fair deal, if not a deal in your favour.
Preparation and Review of Contracts
There is tons of paperwork involved in a real estate purchase or sale.
A mortgage lender and real estate agent can help set the terms and conditions. But they are neither experts in real estate law nor contract law. Many of them will suggest a basic template contract with several deal-specific fill-in-the blank spaces.
On the other hand, a property lawyer can draft contracts with deal-specific details that cover every aspect of the sale. In the same way, they can review contracts and point out problems in the language.
Interpreting or Drafting of Complicated Real Estate Contracts
Real estate purchases are not a simple process. Real estate sales involving corporations, trusts and other large entities are often dramatically more complex, and the corresponding contract will be highly complicated.
For this reason, you need a property lawyer to interpret or draft a contract that covers these legal obstacles. It must protect all parties involved and ensure that the purchase goes through.
Liens and Title Searches
Prior to closing any real estate purchase, you must conduct a lien and title search. It guarantees that there are no financial claims on the property and ensures the seller’s legal right to sell the property.
A property lawyer assists you during this process. If every aspect is found to be in order, the sale moves forward. If there are outstanding liens on the property, they can assist you in resolving the matter so the deal can eventually move forward. If problems with the title turn up, they can help you clear the issue or negotiate for a resolution.
When a property changes owners, a new deed must be filed. A bank or mortgage lender can often manage this process. However, a deed is a legal document. You don’t want errors that will cause headaches down the road.
Property lawyers ensure the deed meets all legal requirements. Furthermore, they often complete the process faster. In this case, having a property lawyer gives you peace of mind.
Analysis of Home Inspection Documents and Disclosures
A majority of property deals happen with good faith. Although you can rest easy that neither the buyer nor the seller is considering pulling the wool over your eyes, it doesn’t mean you shouldn’t engage in due diligence with a property purchase. For this reason, property sales often come with mandatory disclosures and home inspections.
A property lawyer can help you recognise the signs of a questionable disclosure document or home inspection.
The closing of the property involves a multistep process. Filing the deed is one part, and resolving last-minute disputes is another aspect.
For example, if a home inspection discovers a problem with the roof, your lawyer can negotiate a discount on the total price to cover the cost of installing a new roof.
Your lawyer can also make sure that the closing document is ironclad. At its core, the document serves as an account of every financial transaction that occurred during the process of the sale.
How Madison Marcus Can Help You
When it comes to real estate, you must apply careful planning taking into account your circumstances. A property lawyer takes a comprehensive legal planning approach in matters dealing with real estate. Hence, you can be confident that every transaction is tailor-fit to your needs, even aspects you may not have yet considered.
Madison Marcus ensures the sale or purchase of a property or real estate is done correctly and considers facets, including ownership structure, timing, protection of assets, accounting strategies and estate planning. In the end, the property transaction must help you meet your long-term goals.
For all enquiries or to book a free 15-minute consultation, contact us today.