Legal Issues Arising in the Buying of Property [Final Part]

In our final article in the series, I would like to delve into an area where most people will tell you you need to write an agreement of your intention to sell and purchase land, and you don’t need an advocate to do this.

Many individuals feel that advocates are overpriced and not worth the hype until things go south.

There is a reason why you visit an advocates office. The advocate advises you on many issues discussed in our previous articles, the possible pitfalls, provisions in agreements for sale that are not favourable for you, and how to get out of transactions with the least risk to you.

I once encountered an agreement done by the parties wherein they both intended to conclude the transaction at the outset. Both had good faith; however, along the way, the Purchaser was unable to pay the balance of the purchase price.

The agreement for sale was structured in an open-ended manner, there was no time limit to finalise payments, and neither were there any penalties upon the parties and any cancellation clause.

It is such lapses that an advocate assists you in at the outset of the transaction. Always look at the interest that you seek to obtain and protect against the professional fees that are asked of you.