As more opportunities to buy property emerge across a wide spectrum of price categories and locations in the UAE, a new challenge lurks, especially for new buyers. This is mainly linked to the legalities involved in the buying and selling of real estate. Buying property is not quite as straightforward as one would expect; there are certain risks that need to be identified and managed.
A property transaction could take anywhere from eight days to eight weeks to complete, and this can become a laborious ordeal depending on the complexities, legal nuances and value of the transaction. Enlisting property conveyancing services can be a big help in this regard, and here are the reasons why.
Independent representation and transaction support: A property conveyance lawyer plays a critical role in representing a party’s interests, from the outset of the transaction with drafting/reviewing the SPA/MOU through the process of dealing with third-party consent/approvals/NOCs and transfer of funds and completion of the transfer of ownership.
Due diligence: A property conveyancing lawyer will check the credibility of key parties involved. Your property conveyancer will also conduct thorough analysis and inspection into the fundamentals of the property, the buyer or seller, financing and any compliance obligations. The level of due diligence will vary on the value of the property, but generally speaking the more money is at stake, the more thorough the due diligence should be.
Prevention is better than cure: Certain factors such as the type of property and the area can influence the conditions of a settlement. If a transaction proceeds smoothly and no issues arise, then a property conveyancing lawyer may not be necessary. However, as transactions of this nature are unpredictable, property conveyancing lawyers have the experience and know-how to deal with challenging situations and protect you if something does go wrong.
Nathan Banks is managing partner of Banks Legal. The views expressed here are his own.