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A wide variety of issues and details are involved when it comes to buying or selling any type of property. From listing to closing there is practically no end to the list of issues that can occur. There are many bases to have covered beforehand starting with finding a good commercial lawyer in Melbourne to handle the legal ins and outs involved. Here are a few issues to consider before buying or selling property.
Buying Property
Buying a property is a huge financial endeavor, so it is important to be sure that you are taking all the steps necessary to ensure that you are embarking on a safe investment, including hiring a reputable property or commercial lawyer in Melbourne.
Is the property in a good area?
When it comes to the value of the property you are buying, the area the property is in is just as important as the property itself. Check for upcoming developments in the area as well as schools and the local crime report, you can find this information in the local newspapers, local government sites, community sites and blogs. You may love the property you are buying but you may not love the area so make sure that you are aware of the neighborhood you are buying in to avoid unpleasant issues down the road.
The bank won’t mortgage the particular property that you want to buy
This happens a lot more than you may think. Some banks and/or lenders can be reluctant to loan on unusual or inconveniently located properties for a number of reasons. The main reason for this is that the lender may value the property below the asking price, when this happens the banks often refuse to loan the amount of money you asked for. Having a good commercial and property lawyer by your side can help you in these types of situations.
Selling Property
When selling your property you will want to get a profitable price as well as have the process go as smoothly as possible. With the right commercial and property lawyer you should be able to weather through any potential issues fairly easily.
Tenant issues
If the property you are trying to sell is a rental property then you more than likely have tenants to deal with. For the most part tenants are very accommodating when it comes to the property owner selling the property, but unfortunately, there are exceptions.
A difficult tenant can cause endless hurtles and issues for you if not handled appropriately. Common problem tenant issues can be, refusing access to prospective buyers and not maintaining the parts of the property that is their responsibility. Tenants have many legal rights to their dwelling, but so does the owner (you), a good commercial and property lawyer in Melbourne can guide you through these situations as well as make you aware of your rights as a property owner.
Legal issues
One of the most common and feared issues associated with selling your home are the seemingly endless legal issues that can arise as far as the closing of the sale is concerned. Many closings have led to various unexpected outcomes including lawsuits. This can not only delay the closing of the property it can cost you a lot of money, or worse stop the sale altogether. You should never attempt to close your property without a commercial/property lawyer to handle this very detailed and complicated process. It is therefore vital to ensure you find a property and commercial lawyer in Melbourne who can help you in every aspect of your property selling needs.