Tuesday, July 6, 2010

Property 101 - Your Right Hand Man - Lawyer

In this world, we cannot survive alone. Whatever we do, one way or other we will need help from other. Same for property investment. You will not able to success without your right hand man, left hand man, right leg man and left leg man.

Let's talk about your right hand man in this article -The Lawyer. The person you must liaise with in your property investment.

1. To purchase a property, you will need S&P lawyer
2. To borrow loan from bank, you need Loan lawyer
3. To sell your property, you may need Lawyer to help you liaise with bank, goverment authority and buyer lawyer.
4. To rent out a house, you may need Lawyer to prepare the rental agreement.

Why You Need A Trusted Lawyer?
1. You need advisor who you can be trust, and he/she is good in legal matter, reason is buy/sell property involve many legal documents and it is hard for normal people like us to understand the legal term by reading it yourself.
2. By assign the task to your trusted lawyer, it will help to speed up the processing time, let me repeat, speed up a lot. Most of the lawyer will take their sweat time to process your document. When you in rushing mode, they are still in relax mode. Worse is you are not able to contact them when you needed.
3. Conventional lawyer will always limit their "scope of work". They will "taichi" back some of the work to you and you sometimes end up dunno how to handle, or no time to handle. Trusted lawyer always walk extra miles and will provide "end-to-end" services.

What Are The Criteria To Be MyTrusted Lawyer?
1. They must reachable when I need to call them.
"Not so good" lawyer is easily spot, they would not answer your call and they will not return your call. You should avoid this type of lawyer as you need to discuss with your lawyer regularly during your buy/sell process.
2. They will advice me "more" than other conventional lawyer do.
"Not so good" lawyer will always explain things in brief, like very rush in time and never explain more than they should do, especially if you did not ask any question.
3. They will offer you VIP rate for their service.
"Not so good" lawyer will always quote you in "high price". Trusted lawyer will give you the best rate without much negotiation required.

As rules of thumb, you need to have at least 2 trusted lawyer who can help you in property investment. Don't believe in monopoly by using only one lawyer, competition always make them improve their service.

Always remember, most of the time, you have the right to choose your own lawyer, especially loan lawyer. And always ask the bank to assign your case to your trusted lawyer.

Lastly, don't be fool by the size of the lawyer firm, it doesn't mean the bigger the better.

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