There is a great deal to know about property law and what makes it more difficult is that it changes in some way for each state. So if, for instance, you decide to buy a home without consulting a commercial lawyer, you could well do your research from a website that is not in your state unless you are very careful.
Buying and selling real estate is a legal process. There are contracts that need to be drawn up and the wording of them is extremely important, especially in cases that are not cut and dried. While some people feel that all they need is a conveyancer to help them finish the process, it is possible that they are leaving themselves open to fraud, or to loss of some kind that they didn’t expect. And there are many ways by which you can lose money.
For instance, a person purchases a block of ground in a country town, with the intention of building a home on it. They connect the power and water to a shed they built first, then find out that the council won’t allow a septic system in the house because the block is too small. The only toilet they can have is an enviro-toilet, but they don’t like that kind – and neither do any of the other buyers who come to inspect the block.
That person has now lost the money for the shed, the utilities connections and the purchase price of the block and cannot sell for enough to recoup it, due to this restriction. If they go ahead and build a home they won’t like it and if they put in a septic system without council permission they will be in trouble. If they had used a commercial lawyer, searches would have been done and the problem with the toilet found out before any contract was signed.
This is just one example of the risk you take in buying a home without legal help. In addition, you will have to do a lot more work if you proceed without a lawyer to help you. It takes time to get everything right and ensure you are purchasing a home that is sound. And if it is not sound, you need to know what to do about it if you still want that home. If you are a working woman, it may take more time than you have to spare, especially if you also have a family to care for.
Property law is there to make sure everything is done legally and that no one gets ripped off. But if you don’t know what laws are there, you can’t take advantage of them to keep you and your finances safe. So even though you have to pay that lawyer a fee, it will be money well spent.