The Role of Your Lawyer in Property Transaction [Part II]
Following The Role of Your Lawyer in Property Transaction [Part I], you should now have an understanding of the basic details of your property. The next stage is to negotiate the deal before signing the sales and purchase agreement (SPA). It is always essential to first seek for your lawyer's consultation before signing the SPA.
It is the duty of your lawyer to explain to you as a purchaser. Once your lawyer know your expectations, he/she can communicate your expectations to the vendor's lawyer. Do, however, take note that your lawyer cannot have direct communication with the vendor if the vendor is represented by another lawyer. This is one of the basic ethics that has been a practice as a form of mutual respect among the lawyers in any industry. Should there be a need to clarify with the vendor, the purchaser shall do so directly with the vendor.
The negotiation revolves around the person who shall be liable for any defect of the property, the payment date, whether or not the deposit paid will be held by the vendor's lawyer as a neutral party and to be released to the vendor only after the whole transaction is completed.
Read the full blog article here.
More Experts' Blogs:
Asian investors looking at property everywhere
Benefits of using a Legally Registered Negotiator [Part I]
A cautionary tale for Asian investors buying property in London
Tips to finish your home loan earlier [Part II]
