first home buyers
The role of the Solicitor
The solicitor performs an important and critical part of the process when purchasing a house. Too many people proceed with a house purchase before they have sought the advice of their solicitor and this can be a costly mistake.
Your solicitor can give you advice on ownership structures when purchasing with a partner or friend such as whether you should purchase as a Company Entity, or in a Trust, or Personal Name. It is advisable to understand the options and establish your ownership structure before you go house shopping.
If you want to get a Land and Information Memorandum (LIM) performed on the property you are looking to purchase your solicitor can assist you with this. They can also arrange to search the certificate of title.
Before and after you have made an offer on a property your solicitor can check the Sale and Purchase agreement to ensure it is satisfactory and advise you in relation to any conditions that may have been placed on the contract by the vendor or in fact by you, ensuring quick satisfaction of those conditions.
If you want to get a Land and Information Memorandum (LIM) performed on the property you are looking to purchase your solicitor can assist you with this. They can also arrange to search the certificate of title.
Before and after you have made an offer on a property your solicitor can check the Sale and Purchase agreement to ensure it is satisfactory and advise you in relation to any conditions that may have been placed on the contract by the vendor or in fact by you, ensuring quick satisfaction of those conditions.
Your solicitor will also receive loan documents from the lender which you will execute. They will ensure you understand the full terms and conditions of the mortgage documents.
Finally, your solicitor is the one who will manage the settlement process on the purchase, arranging for full payment of purchase price, coordinating your deposit and the loan from the bank and getting payment to the vendor's solicitor. They will also lodge the change of ownership and registration of mortgage with the land transfer office and provide you with a full settlement statement, showing you what money went where.
If you do not have a solicitor who can act for you ask your Beyond Mortgages adviser for a referral as we have relationships with solicitors across New Zealand who will look after you.
Finally, your solicitor is the one who will manage the settlement process on the purchase, arranging for full payment of purchase price, coordinating your deposit and the loan from the bank and getting payment to the vendor's solicitor. They will also lodge the change of ownership and registration of mortgage with the land transfer office and provide you with a full settlement statement, showing you what money went where.
If you do not have a solicitor who can act for you ask your Beyond Mortgages adviser for a referral as we have relationships with solicitors across New Zealand who will look after you.
