GET A PROPERTY LAWYER TO MANAGE YOUR PROPERTY
Property lawyer are well informed legal professionals in real estate or property law.
Property law is the area of law that governs the various forms of ownership in real property and personal property.
Property law is a vast area of law that deals with governance of both real property and personal property; it is usually study as a course both in University and the Law School. A lawyer has more knowledge in property management.
Having a property lawyer will save the owner of the property and lot of time and effect involved in managing property. They issue important documents that are part of real estate transaction and also helps to fasten the process because they are knowledgeable in property law and know how to solve problems that arise due to the property.
THE IMPORTANCE OF GETTING A PROPERTY LAWYER TO MANAGE YOUR PROPERTY
1. Property lawyer understand property laws: In Nigeria managing a property has a legal requirements and the legal requirements is govern by the Land Use Act. The Land Use Act is the ground norm for any property law in Nigeria that is it is the main law guiding property and this is under a course that both law student and qualified lawyers are knowledgeable about and the Land Use Act govern the land/property ownership in Nigeria, unlike a non lawyer who don't have enough knowledge in this property law, property lawyer are expert in this field.
2. In any property business, dispute often arises, since some non lawyers were neither aware of the recognition of fake document or forged document, also the issue of tax on land some non lawyers hardly know that there are types of lease ( full service lease, percentage lease, gross lease, net lease) some lease it is the lessor that will pay tax on the property while some it is both the leasor and the lessee, however a lawyer is knowledgeable in this aspect and can help you to a great extent in resolving those issues and save you and give you a proper guidance on the property. After the completion of payment for a property, there is a need to sign a document called Agreement, An agreement must be prepared by a lawyer, so that the agreement will be legal and legally backed up, however a property lawyer who is knowledgeable in this area will read it to the parties and elaborate in a literal words the terms of the agreement before allowing the parties to sign and he finally put his stamp. Documents such as deed of assignment must be legally enforced which need the signature of a lawyer.
4. Whenever dispute arises, the property lawyer will on behalf of the owner of the property charge an occupant or trespasser on the property to court which will reduce the payment because it cost more to engage and external lawyer upon any disagreement on the property. Also, because it is the property lawyer who wrote the signed agreement, so he understands the content of the agreement and the time spent to get a judgment in the court will be reduced and also serve as a mediator in case of dispute.
5. Protection of buyers and sellers of property.
When buying a property, if the deals aren’t properly structured, one could find itself purchasing a misrepresented building or a building or lend without any recourse. A property lawyer will ensure that is a provision to let you out of the deals in such case and also check the contract for any hidden fees that are typical of most real estate deals
And for sellers, one can face drastically liability issue if your sales contract isn't worded correctly, a property lawyer will serve as a shield to ensure that the contract protect you financially if a buyer find a major issue with the property after purchase and also avoid buyers from backing out of the deals at the last minute or when he fails to meet up at the time of the payment.
6. A sales of property contract that does not have a clause for allowing termination of agreement for a failed inspection can cost the buyer both the house and money. For a seller, a defect in title can be prevented by a property lawyer who is familiar with the issue and also ensure that the seller interests are represented in the sales contract.
7. A property lawyer is an information giver, a lawyer obtain information received by the various participant to the transaction and inform the client of report, agreement offer.
8. A property lawyer is an adviser; he gives the client legal advice and other issues that arise in the transaction. Advice may include raising issues with the legal element of the title to the land, problem with a land information memorandum (LIM) assisting the client to exist an agreement and advice on structure ownership, relationship property consideration and complexity around family trusts, guarantees, gifting and insurance.
These are some of the role of a Property lawyer, an agent can't do this. They are stages of preparation of document
1. Pre-contractual stage
Conduct Title Search
If you are buying a property, the lawyer does a search at the relevant Land registry to ensure the property is free and clear of claims of others, judgments, outstanding deeds of trust or mortgages, unpaid taxes, defective deeds and similar defects.
2. The Contractual Stage,
This stage involves the, exchange of executed contracts and consideration
3. The Post Contractual Stage
At this stage the property lawyer ensures that instrument of transfer is fit for registration.
4. Completion stage
Prior to actual completion the property lawyer will have to prepare and approve various undertakings. If acting for the purchaser and/or financier, need to ensure that funds are released for completion. Also there will be presentation of instruments of dealings for registration.
5. Post Completion Stage
After the completion stage the property lawyer will follow up with land registry or land office for title to be register, follow up with, notifying tenants of change of ownership and arranging for payment of rentals where applicable, notifying any other relevant party of change of ownership.
All these stages can only be done by a lawyer, because they are legal process involve and agent or non lawyers does not have the authority to do.
DIFFERENCE BETWEEN A PROPERTY LAWYER AND A REAL ESTATE AGENT
1. Property lawyer does not only advise client regarding legal matters but can also help you to prepare document but also conduct a title search and close deal while a real estate State agent cannot answer a title search and close the deal while a real estate agent cannot answer a legal question, the law forbids them from providing legal assistance.
2. In the event of a legal problem related to real estate, only a licensed attorney may provide legal advice and also represent you in court. Example in legal encumbrance or lien on property only an experienced real estate lawyer can investigate and analyze of facts and then guide you on how to proceed.
3. Attorney are bound by profession rules of confidential, this means your attorney are prohibited from exposing information that you do not wish to make.
PREPARED BY: CHAMAN LAW FIRM TEAM
Tel: 08065553671, 08024200080