Are you planning to lease a property? Whether it's a developed lot or just plain land, incorporating a property lawyer into your lease process is highly advised. Property lawyers are not just needed in property sales and purchases only. Most of the issues covered in such transactions are present in leases too. As such, a property lawyer can add value to your lease process in a number of ways as highlighted below:
Financing & tax advice
First off, your property lawyer can advise on how to get the requisite financing you need for the lease. They can help you secure a property loan from a banking institution or a venture firm. They will also advise you on taxation matters pertaining to the lease. This includes any stamp duty included in the sale as well as any other property taxes that may apply.
Considering that you may not be very well versed in property matters, your lawyer can also help with pricing negotiations. They can will also advise you on the prevailing rates and authorize valuation reports for the property. This will ensure that you do not end up paying more than you should for the lease. Your property lawyer can also negotiate the payment modalities, be it one-off payments, monthly deposits or annual payments.
Most importantly, your property lawyer will handle the conveyancing aspects of the leasing process. This involves checking the validity of the owners(s) by inspecting the title deed and conducting a search at the registry office. This will allow them to also check if the property has any encumbrances associated with it. They will also draft the lease agreements stipulating the lease duration, the property management schedules as well as any other conditions of the lease.
Tenancy advice and legal support
Once the lease agreements have been signed and the property is in your hands, your property lawyer will still be in a position to offer you advice on a number of issues. These include land use, lease renewal, tenancy obligations, tenancy rights, property maintenance, property disputes, pollution, waste management and environmental issues, among other concerns.
Dealing with a property lawyer when making such an investment will ensure that you follow all the right protocols. This will ensure that you do not lose any money in the deal. More so, a property lawyer will ensure that the lease agreements doe not undermine your tenancy rights in any way.