What A Property Lawyer In Auckland Does For You
Property Lawyer In Auckland – Your Guiding Hand
Buying or selling a house is difficult for most people. As a buyer they have to look at multiple properties to get an idea of property values in the area. The next step is to decide if they like to house, and then they have to agree a price with the seller.
The seller will probably have numerous interested parties looking at their property. They nervously wait for a bid, and in the current market, that can take weeks. As with the buyer, they finally have to agree a deal.
This is a lot of work and stress for both sides of the deal. Therefore, it is essential that the actual legal process goes smoothly so that the two sides are not thrust into the same situation again. That means that the property lawyer in Auckland needs to be on their game, can act accurately, and in a timely manner.
The Role of An Auckland Property Lawyer
A short version of the role of a property lawyer in Auckland is to ensure the transfer of the ownership of a piece of real estate from one entity to another. In reality this involves a number of steps are carried out.
1 Determining Ownership
The potential buyer’s lawyer will ensure that the details of the correct parcel of land or Lot and confirm the current owner by way of a Title search.
The Title Deed identifies the location and description of the land by Lot Number, and the rightful name of the owning entity. Often people use a family trust or LLC (Limited Liability Company) to own their property.
2 Assessing the Contract Details
Most property transactions in New Zealand use the Law Society Sale and Purchase Agreement. This reduces the cost of drafting a contract and also means that there are not curve-ball clauses in the deal.
Often the buyer will append additional or conditional clauses such as finance or the requirement for remediation works to be completed. It is a good idea to get the lawyer to write these correctly.
The lawyer will also confirm the details of the seller are correctly stated on the S and P.
3 Council Checks
An important step is to confirm that the details of the property are in agreement with the Council records. This includes things such as Codes of Compliance for any renovation work. A lender will not finance a property that is not fully compliant.
4 Insurance
The owners should want and the lenders will definitely want insurance to cover the property in case of disaster. This should become effective once the funds are transferred. The lawyer will check that the buyer has organised this to take place.
5 Unconditional
This is the magic word for both buyer and seller. Once a deal goes unconditional, the buyer will have a new property within a specified period, and the seller will have their money.
Going unconditional happens when the additional clauses are verified, and the buyer’s lawyer will notify the seller’s legal team.
The seller’s lawyer will prepare a settlement statement to give to the other lawyer. This will include any further monies to be transferred. An obvious element here is the rates that have been pre-paid for the remainder of the payment period.
6 Updating LINZ
LINZ is the Land Information New Zealand system. This records all property ownership in the country. It confirms that the property is now owned by a new person or entity.
7 Finance
The majority of property purchases are by way of finance such as a mortgage. The lender will work with you buyer’s lawyer to arrange documents, and records before the settlement date.
On the agreed date, assuming that all conditions are met, the lender will transfer the monies to the buyer’s lawyer. They will then transfer that to the seller’s lawyer. They will in turn notify the real estate agent to hand over the keys to the new owners.
8 The Wrap-up
After the monies are transferred, the buyer’s lawyer will notify Quotable Value of the transaction and confirm the changes with the LINZ database. The property now has a new owner.
Finding A Property Lawyer In Auckland
Given the size and importance of the transaction it is important to work with a property lawyer in Auckland that knows what they are doing. They also need to have the capacity to carry out these steps so that there are no delays. If you are looking to buy or sell a home, McVeagh Fleming has a team of lawyers who can help.