What is a property solicitor?
A property solicitor is a lawyer that assists people to conduct property transactions. They provide the documentation, the advice, the supervision of the transaction process and they communicate with the other parties involved in the transaction such as the solicitors for the other side of the deal, the other parties, the government departments , banks and the estate agents, strata managers and other parties involved in a property transaction. Property solicitors go through a long period of training. They have a university degree in law and several years of experience in the law before being allowed to practice independently.
How can a property solicitor help me?
If you have any type of property transaction as part of your business or you are doing a personal property transaction like buying a home, an investment property or any other type of property, a property solicitor should be able to help you. There are many complicated issues involved in property transactions. First of all, there is the drafting of the contract. This involves gathering all of the necessary documents in order to create a binding contract according to the law of the state in which the transaction is taking place. It also involves putting into legal language all of the requirements that the parties have in relation to the contract. Normally, the starting point for this is protecting the rights of their client’s side of the transaction as being paramount. However, in order to ensure that the transaction completes there is also a process of compromise which involves finding a ground which is common enough to ensure that the parties will still agree to go through with the transaction. This is not an easy balancing process to manage but it is often much better that the parties follow through on a deal they have committed to rather than decided to try and escape it half way through and expose themselves to damages for a breach of contract. Beneath the surface of transactions like this, there are taxation issues which brew as well. In particular, various taxes manifest themselves at different times of the year which means that there needs to be particular care taken to ensure that the tax position of the transaction is analysed and accounted for.
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