If you are selling a property, then the first and foremost important thing is to have a good lawyer. How important is it that a lawyer does the transaction for you? Why is this? It is because you can be held responsible for the taxes (if any) and other post-sale consequences.
Also, if you don’t do business with a professional, you may end up getting into an unpleasant dispute with the IRS (Internal Revenue Service) on your behalf, especially if the property has some tax implications. Therefore, you need to protect yourself and your family by ensuring you have a lawyer.
What about the buyer? If you are buying a home, what happens to the lawyer if you or the seller may be responsible for something? For instance, if you are a buyer and your agent gets caught up in something and you’re subsequently held liable, can you be sued by the buyer? Yes, as long as your attorney is working on your behalf.
Why is this so? There are many ways the seller may be able to sue you. One of them is through the title search process. This is where you request title insurance from the bank. The problem here is that if your attorney fails to file the claim on time, the bank will not pay.
So, if the buyer fails to pay for the title search, then the seller may sue you on the basis of breach of contract, fraud, or negligent misrepresentation. Now, this is not a situation that would arise with just any buyer. This is why having a lawyer is so very important when you are buying a home.
Picking a Lawyer Who is Familiar with Purchase Agreements
You have a right to insist on having an expert who knows all the legalese in the purchase agreement. You want a lawyer who is familiar with the purchase agreement, not just anyone you meet at the title search office.
What does this mean? If you have any kind of accident related to the home, say, a slip and fall, a windstorm, or something else, your attorney will know exactly what to do. He can sue the buyer and hold him financially responsible for any injuries that occur. Contact your local Sydney lawyers for specific details.
The Role of Lawyers in Insurance Settlements
He can also sue the insurance company under the Residential Real Estate Settlement Procedures Act for any negligent actions the insurance company took leading up to or during the accident. If you were to get into a car accident without any kind of attorney, the insurance company would be liable for your injuries. This is because of the RRSPA.
This act covers any kind of accident that happens on your property. For instance, say you were on your property taking pictures of a new house, and you tripped and fell, broke a window, or something else. The fall would certainly be covered.
In fact, most likely all your injuries will be covered by the insurance company under the RRSPA if you have suffered no personal injuries in the accident other than what is described above. If you were to sue the insurance company under the Residential Real Estate Settlement Procedures Act, you might have a case.
Having a Lawyer Will Most Certainly Boost Your Chances
However, if you were to sue without an attorney, you would almost certainly not have a case. Having said all that, let’s go back to the importance of having a lawyer. You may be able to get some money from the insurance company without an attorney, but there’s a big chance you’ll still not have a case.
This is because the RRSPA states that you only need one personal injury to sustain your claim, so even if you get hit by a car, it’s unlikely you’ll be able to sue for damages. As such, you need an attorney.
If you’re wondering why you need an attorney, you only need an attorney if you wish to be able to collect on your damages under the Residential Real Estate Settlement Procedures Act.