Know the Importance of taking Legal Opinion While Buying a Property

Know the Importance of taking Legal Opinion While Buying a Property

A common man dreams to own home and reside happily with the loved ones. But the paperwork involved in the home buying process gives him/her a tough time. Hence, the homebuyers caught in legal hurdle can only be saved by the experts. Thus, every aspiring property owner must consult a real estate lawyer before finalizing a property deal. So, know the importance of taking legal opinion on the property while completing the home purchase formalities.

Legal Opinion on Property Agreement

A property buying agreement involves multiple clauses and only an expert can figure out the flaws. So, the homebuyers are suggested to take guidance from a real estate lawyer as the experts have sound knowledge of the facts that should be written in a property purchase agreement. These facts are mainly related to the land on which the property is constructed such as whether a property is built on freehold land and the title is transferred to the buyer or not. Another fact that is required to be checked is whether the land is acquired on lease and the land is transferred back to the original owner after the completion of the lease period.

Usually, the property buyers take assistance from the broker to complete the paperwork but this is an incorrect practice. Only a lawyer can help you draft a perfect property buying agreement as he/she thoroughly understands the way to carry out property transactions.  

The buyers especially those who avail home loan must take legal opinion as the banks alias financial institutions ask for various property-related details. So, instead of following wrong practice for the completion of paperwork, you are suggested to hire a real estate lawyer as only a professional can help you complete a home buying deal in a legal manner.

Legal Opinion on Stamp Duty & Tax Implication

Circle rate is one of the most important things in the home buying process and this rate varies from locality to locality. Thus, a legal opinion should be taken to figure out the actual amount that is required to be paid for owning a home. Similarly, stamp duty charges also differ state-wise and some States offer a rebate on stamp duty if paid in the name of a female. (For example, a property is bought in the name of wife or mother).  A common man does not know the intricacy of home buying and gets caught in the trap of various faulty brokers.

Following the same, a legal opinion should be taken by a homebuyer to understand the taxable rebate a person can avail after buying a home. The lawyer gives you a clear idea about how much money can be saved under different sections of the Income Tax slabs if a home loan is borrowed.

The real estate lawyer helps you buy a property with clear titles that too in a hassle-free manner.

Legal Opinion on Clearances

A lawyer can assist you to take all the necessary clearances from concerned authorities. These including environment clearance, fire safety, occupancy certificate, completion certificate and more in case the developer denies to produce all these documents.

Keep all the above-mentioned points in mind before finalizing a home buying deal. Skipping legal opinion can lead you to troublesome times as unclear property title or non-clearance can put you at maximum risk of paying penalties.

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