Preparation of property documents is a matter of high risk because a single mistake may result in a huge financial loss. Being attentive is more crucial when you are a buyer so it is advisable to hire a lawyer who deals in conveyance of property. While dealing in property assets, you also must have some basic knowledge of potential frauds and process of conveyance. Lawyers can help in cracking the deal but still, preventive steps from your side are essential to tackle any possible issue. For your ease of understanding, below is a list of some precautions that you can follow while purchasing property.
1) Clarify the Property Title
Before purchasing a property, make sure that the existing title is clear to you. To investigate it thoroughly, you can follow various methods such as studying the legal documents of title to ensure the name of actual owner. One can also visit sub-registrar to check the records. For more credibility, you can also publish public notice in newspaper calling for claims.
2) Check Power Of Attorney
Power of attorney gives a person right to sell the property on owner’s behalf. The documents of POA must be clear and it is important to meet both owner and attorney holder at the time of deal.
3) Building authorisation
Before buying a property, confirm that whether government authorities are allowing you to construct the infrastructure as per expectation or not. At some portions of land, commercial or domestic construction is prohibited. In that case, the land will be of no use to you.
4) Lease issues
It is possible that the land is given on lease and its tenure is going to expire soon. Before signing the agreement of property conveyancing, check the provision of renewal and agreement of rent to ensure that it will not cost you more than investment.
The property and business lawyers of Melbourne understand all aspects of conveyance and give you right advice for every property deal.
Before purchasing a property, make sure that the existing title is clear to you. To investigate it thoroughly, you can follow various methods such as studying the legal documents of title to ensure the name of actual owner. One can also visit sub-registrar to check the records. For more credibility, you can also publish public notice in newspaper calling for claims.
2) Check Power Of Attorney
Power of attorney gives a person right to sell the property on owner’s behalf. The documents of POA must be clear and it is important to meet both owner and attorney holder at the time of deal.
3) Building authorisation
Before buying a property, confirm that whether government authorities are allowing you to construct the infrastructure as per expectation or not. At some portions of land, commercial or domestic construction is prohibited. In that case, the land will be of no use to you.
4) Lease issues
It is possible that the land is given on lease and its tenure is going to expire soon. Before signing the agreement of property conveyancing, check the provision of renewal and agreement of rent to ensure that it will not cost you more than investment.
The property and business lawyers of Melbourne understand all aspects of conveyance and give you right advice for every property deal.
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