Why do you need a lawyer for conveyancing?
Buying a house might be the biggest investment in most people life. Most people would try not to hire a lawyer just to save costs. While it is true that it is not a must to have a lawyer when you want to purchase a home in Malaysia, hiring a lawyer may be worthwhile. Everything you need to know about conveyancing is spelt out clearly in:
- National Land Code 1965,
- Stamp Act 1949,
- Housing Development (Control and Licensing) Act 1966,
- Strata Titles Act 1985,
- Banking and Financial Institutions Act 1989,
- Contract Act 1950.
Below is couple of reasons why you should hire a lawyer for conveyancing.
A. Professional assurance
Lawyers are bound by the Legal Profession Act 1974. A real estate lawyer can provide assurances that you’re making the right moves as you proceed with possibly the largest purchase you will make in your life. So it’s safe to say that a lawyer will do his/her utmost best to protect you against any unforeseen legal circumstances and advise you on your best way out if things suddenly don’t go to plan.
B. Ensuring documents are in order
Sheer number of documents is needed before a house purchase deal can be closed. Some of these include the Sales & Purchase Agreement, housing loan, title deed, insurance application, and personal documentation. Having a lawyer would ensure that the documents required are prepared properly and this would prevent any unnecessary delay. If a file is filed wrongly, it will cause a pricey legal battle down the road or a hefty fine.
C. Explaining the procedure and, any vague or unclear terms
Having a lawyer would give you a peace of mind. Even if you are not required to hire a lawyer for any part of the home-buying or selling process, you might feel better having someone who can explain complicated legal issues.
D. Dealing with 3rd parties
Lawyer will be able to advise you on the do’s and don’ts when dealing with any potential seller. This is to ensure that you are not taken advantage of by dishonest individuals trying to make quick cash. In addition to that, If a real estate lawyer charges an affordable fee, hiring one could be a solid investment. An improperly negotiated issue involving a major problem uncovered in a home inspection, for example, could cost you thousands of dollars or more.
E. Planning for will and trust
Although it is unpleasant to plan your departure from this world, it could prevent your loved ones from squabbling over ownership of your assets after you die. Engaging a lawyer who specializes in wills and trusts will go a long way towards making sure that your properties go to the person(s) of your choice when you die. The transfer of properties after one’s death can be complex and prolonged matter. Engaging a lawyer in advance would ease this difficult phase for your family when the time eventually comes.
