Commercial Law For Small And Medium Sized Business Owners
About Me
Commercial Law For Small And Medium Sized Business Owners

Hello, my name is Robin and I own a medium sized business which is based in a suburb of Perth, Australia. Many business owners do not understand the importance of commercial law on their operations. I know that I certainly didn't when I set out. At first, this wasn't an issue but as my business grew, I realised that if I didn't teach myself about the legal rules in place and seek expert help, I would find myself in serious trouble. I got in touch with a great law firm who helped me to understand exactly what I needed to know. I decided to start this blog to help other business owners.

Categories
Archive

Commercial Law For Small And Medium Sized Business Owners

House Purchase: Three Critical Guidelines for Avoiding Legal Disputes

Daniel Young

The process of purchasing a home can be complex and challenging. If you do not handle the critical procedures with care, you could end up in legal disagreements relating to the acquired house. Therefore, if you are interested in acquiring a new residential structure, you should hire a property solicitor to help you navigate the buying process. This legal expert will help you avoid pitfalls in home purchasing which could cause financial ruin. However, if you have some legal knowledge, you can handle the conveyancing work without professional assistance. Regardless of your choice, here are some tips for avoiding legal disputes after buying a house.

Inspect the Building

You should inspect the residential building before purchase. In general, a house can look structurally sound and appealing, but the internal condition might be poor. If you purchase a house without understanding the internal state completely, you might end up with legal disputes. For example, the house might have pests, or the electrical wires or water pipes might be severely damaged. If you would like to avoid such expensive problems, you should hire a building inspector to evaluate the condition of the house. If there is structural damage or pest infestation, you should reject the home and look for an alternative.

Conduct Property Searches

You should perform conveyancing searches before accepting any residential structure during the home purchase process. In general, there are some environmental aspects which might affect the functionality, safety or value of any residential property. It is important to identify these problems before signing the final contract to avoid unexpected liabilities. Under ideal circumstances, you should have your conveyancing solicitor perform the legal searches on your behalf.

They should find out if there are planned developments by the council in the foreseeable future which might affect your property. They will also determine the risk for flooding for your potential new home. They might also check on any contamination in the surrounding area which might have adverse effects on the residents. Remember, if these concerns are left unidentified, the total losses incurred by purchasing an expensive lot can be significant.

Examine the Contract

You should check the contract prepared for you and the seller and make certain that the contents are acceptable before signing. You should make sure that the agreed upon terms and conditions have not changed. You should take note of the settlement date; ensure it is acceptable before proceeding with the purchase. You should also make certain that the payment amount and period is acceptable before finalising the transaction.


Share