Nobody likes paperwork. And there are few processes more paper laden than the conveyancing process. This is fancy word that describes the process of transferring the ownership of a property from one person to another. All this month we’ve been talking about using the profits from your business to invest in property. Here are the three things you need to know about the process of actually buying that property.
- The contract
You would not believe how many people sign a contract that they don’t understand. Getting the contract right is by far the most important thing you have to get right in this process. You can’t do this alone. You need a good lawyer to hammer out all the details to ensure you have everything you need going forward.
Do you know everything you need to know about this property? Are you sure? Being an informed buyer is the only way to reduce the risk of any nasty surprises. Searches you should conduct on the property include a council rate search, plan and title search, and an easement search.
- Obtaining finance
When you’re obtaining financing to make the purchase of a property you need to make sure that you’re solicitor knows that. That’s because there is a whole lot more they have to do if you’re getting a loan.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.