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Drafting of SPA, Loan Agreements, Lease & Tenancy Agreements For Your Properties Transactions
Conveyancing is the process but including but not limited to transferring ownership of a legal title of land (property) from one person or entity to another. Their role comes into play when the SPA, loan documents, lease or tenancy agreements are drawn up to protect your interest in the transactions. Sometimes, they may also play a part during the negotiation process in providing legal guidance for complicated transactions.
Yes! Today you can find loads of knowledge and knowhow on internet. Yet people still need a doctor when it comes to treating a disease. Here’s the situation, you will still need a Real Estate Lawyer who could help and advise you as you go onto each stages of your property transaction. There are some “standard” clauses that slip into your Offer Letter, Sales & Purchase Agreement that laymen like us, can’t really understand what does it means. Get a professional real estate lawyer to work with you.
Legally speaking, a lawyer CANNOT represent both the seller and purchaser in a single transaction, because it has a conflict of interest. ‘Sharing’ lawyers may actually mean that the other party is represented, leaving you UNPRESENTED and you are giving out your own rights to their mercy. In the event of a dispute, you should aware that your risk of getting caught whereby the terms of the Sales and Purchase Agreement (SPA) might be at your total disadvantage.
Think about it, if you are making a profit on your selling transaction, why would you go for a cheaper option when you should choose to protect your interest and locking your profit with an independent, if not the best lawyer that you can afford? Isn’t that foolish where you “saved” a few thousand ringgit but when problems arises, you may lose out even more? It really depends on an individual decision based on case to case basis at the end.
Most of the time, a purchaser will usually engage the lawyer, AFTER has made the booking and paid an earnest deposit for the purchase. This is a big NO NO and may impose some risk to you.
You should engage and involve your real estate lawyer start from the beginning. Let your lawyer to review the real estate agent’s letter of offer or booking form even it is standard letter offer prepared by the real estate agency. Let your real estate lawyer do the due diligence such as title check etc, before you make a commitment.
It is important to note that once the letter of offer that prepared by most agency firm is signed, the deal is ‘sealed’ to the extent that all terms and conditions contained in the agent’s letter offer has been agreed upon. These terms cannot vary in sale and purchase agreement, unless both parties mutually agree to vary it.