Choosing a lawyer can seem daunting if you have never done so before.
If you’re buying a house, then you need a Sale & Purchase Agreement (SPA) lawyer. So, how to choose a good and reliable lawyer to handle the property transaction and loan?
The following are few helpful tips to guide you finding a good Sale & Purchase Agreement (SPA) and Loan Lawyer.
1. Choose An Experience Lawyer
An experienced lawyer will make a huge difference when handling your case. She/he will know how to deal with a situation when faced with obstacles instead of throwing back the issue for you to solve. Hence, the lawyer will also provide valuable advice based on their experiences.
Ask the lawyer firm for the year of establishment and how experience is the Lawyer that handling your case. Get some advice on the process and how long will it takes.
2. Choose Your Loan Lawyer As Your SPA Lawyer
a. Using one lawyer to handle both, SPA and Loan transaction will save lots of communication troubles and at least cut short of the process.
Just imagine, there is an original document need to pass from SPA lawyer to Loan Lawyer. If using two different lawyers, SPA lawyer will need to courier to Loan Lawyer, which might take days.
While, by using the same lawyer, a SPA Lawyer will just walk over to another Loan Lawyer cubicle to pass the documents. How fast is that?
This example is only for one document, imagine there are lots of documents involved and how many courier and time spend for this?
b. To Be Listed As Bank Panel List Lawyer Is Not Easy
All the bank panel list lawyer require going through a strict vetting by a bank. A bank will evaluate the firm experience, financial background, number of staff in the company and profile. Not only that, a lawyer might need to contribute a few cases before allow to be considered as bank panel lawyer.
Even once you’re on the list, a lawyer can be kicked out from the list in the event of complaint or grievances by a customer.
I guess by choosing a Loan Lawyer as your SPA Lawyer; bank’s has help to vet the Lawyer background and profile. Therefore you can have a piece of mind. Always ask from banker their recommended lawyer, the one that they use to deal with.
3. Lawyer Firm That Provides Prompt Service
When buying a house, a buyer opts to have a lot of questions about the transaction. You want to look for a lawyer that willing to answer all your questions, queries and problem. The one that will respond to your email and call. And provide easy access to their staff or lawyer so that you can quickly check your transaction progress.
Bonus Tips:
1. When possible avoid using Lawyer recommended by Property Agent and Seller to prevent the lawyer favouring Seller when drafting Sale & Purchase Agreement clauses.
2. Sale & Purchase Agreement is not a fully standard agreement. Purchaser or Seller Lawyer can draft in favour of certain parties. Therefore, it is wise to choose a Lawyer that protect your interest.
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