How to Find Expert Legal Advice Experienced in Property!
It is essential when engaging a property solicitor which always acts in your best interests, you can openly discuss your needs without the fear of upsetting or offending someone else in the property transaction, particularly the real estate agent…
You need to know the job’s going to be done properly and quickly with the confidence of knowing that a property solicitor is overseeing all work diligently, right?
Here’s how to tackle this problem:
- Contracts for Sale
- Disclosure Statements
- Loan Documents
- License Agreements
- Transfering Titles
- Town Planning
- Joint Venture Partnerships
Ask around among your circle of friends and fellow investors for the name of a solicitor that they have used personally for their real estate investments.
If you cannot find the name of someone your acquaintances or friends can vouch for, ring the Law Institute or Law Society for your State and ask them to recommend a property solicitor who has at least ten years experience in handling property transactions.
Ask them to recommend someone in the suburbs or in a regional area you can get access to and not in the CBD (rents are a lot higher in CBD, hourly rates property solicitor charges you are higher).
Ideally the property solicitor should be someone who is an accredited Property Law Specialist (Law Society in each state accredit solicitors and specialist Property Lawyers in the same way the medical profession has specialist doctors).
Interview the solicitor personally, (of course, don’t tell them you’re interviewing them).
Any property solicitor worth their salt already has plenty of work to do and if you tell them you want to interview them to decide whether you’re going to select them as your solicitor, they won’t be interested.
To put it simply and from their perspective, why should they spend valuable fee earning time talking to you when they already have fee paying files sitting on their desk that they could work on?
Suggest you tell the property solicitor you have been recommended to them (give the person’s name) and you would like to make an appointment to talk to them about your property investments.
If you’ve found their name from the Law Institute of Law Society, tell them as point of reference as well…
First question you should ask the property solicitor is “Do you invest in real estate yourself?”
If the answer is no, you are dealing with the wrong professional. How can they be expected to understand and appreciate issues with your real estate investments if they have no such investments themselves.
Next step…find another property solicitor.
If the answer to the first question is yes, ask whether they do the work personally. If they don’t do the work personally, ask to speak with the person who does and go back to question one.
Ask the property solicitor whether they handle the work on a daily basis. What you DON’T want to do is be dealing with a middle aged professional who over the last 20 years has been a family law specialist and has lost the last five major cases in family law arena.
The point is you don’t want to engage a property solicitor which is learning on the job (your job) whilst handling your file.
Ask the property solicitor whether they accept referrals from real estate agents you are dealing with. If they receive 20 referrals from that real estate agent every year, should some issue arise where they have to stand up for you without fear or favour?
Are they the real estate agent’s friend and looking for some simple quick fix solution which allows the matter to proceed so the real estate agent collects their commission?
The cynics and sceptics might be thinking “haven’t property solicitors got ethical standards to stick to and they always be acting in my best interests if I’m paying the bill?”
If this is what you’re thinking, you are in one word…naive. Reading this is a wake up call.
The reality is property solicitors they’re in business and survive by building and maintaining relationships and associations.
Preserving relationships may be more important to them than standing up for your rights.
Property solicitor vs property conveyancing lawyer…if something turns ugly in context to legal matters (contracts etc, go wrong) its better to use a specialist property solicitor who only does property law, you’ll find their costing is not far off a conveyance lawyer.
Purchase and Sale of Real Estate:
- Preparation of Contracts of Sale
- Urgent preparation of s32 Vendor Statements
- Pre-contract advice
- Pre-settlement searches and enquiries
- Referrals to Loan and Finance Brokers
Building Contract Advice:
- Advice on Building Contracts
- Resolving Building Disputes
- Referrals to Building Inspectors and Land Surveyors
- Town Planning and Subdivisions
- Preparation of Leases
- Transfers of Leases
- Renewals of Leases
- Detailed Lease advice
Loan and Guarantee Documents:
- Advice on Loan and Mortgage Contracts
- Solicitor’s Certificates
- Drawing of Loan Agreements and Mortgages