Do You Need Legal Assistance If You Buy Your Home With A Mortgage Loan?
“Does not the bank check documents for the dwelling I buy? So I can go without a lawyer. “
This type of savings can bring you empty pockets, but that’s a life full of variety.
It is true that either the lawyer of the creditor bank or a notary examines the documents for the property. And the bank would not have funded your purchase if something in the documentation did not suit them.
The big question is “When?”.
At what point are the documents reviewed by the lawyers of the banks?
If you have already visited a bank branch, you have probably heard the “favorite” phrase of a bank employee: “We can give you the amount. Just give the documents and the Preliminary Contract and we are ready! “
And what does the Preliminary Contract usually include? With deposit – most often 10% of the sale price.
Who pulls out his own pocket? Sure – not the bank. You pay him.
Have you ever wondered why there is no credit service “bank loan for a property loan”?
Why banks do not want to risk their money before looking at the property documents? All documents. Why do banks do not think like many of you or your advisors: “If there is anything wrong – the deposit is coming back? Even in double size. Is that the law? “
The deposit is back, of course – as long as he has a place.
That where could a voucher already paid by the buyer disappear ?
I will suggest only a few options / note that the possibilities are really unlimited /:
1. The seller sells your home to buy another (eg larger, less or just another city or neighborhood). Takes the deposit you paid and captures the property you have already liked. Ie. your money is already in the pocket of someone else you do not know.
2. Your vendor has repaid old obligations – to private enforcement agents, to the District Heating Company, to the state and the municipality. And this is a good practice. You do not want to buy a home with obligations, do you? You will not be pleased if just before you buy the property, a bailiff has imposed a foreclosure on the property because of the unpaid obligations of the seller. That’s nice, but how are you going to get your money back if they’re already in the state treasury, some creditor, in the deep pocket of Toplofikatsia?
3. Your seller has repaid part or all credit / mortgage or consumer / with your loan . Maybe with your money you have repaid a mortgage on the property you buy from it. Nothing bad, is it? But you can not get his creditor to return the loan back, just because you have discovered an irregularity in the documents that the seller has provided to you.
4. The seller just spent the money. The possibilities here are truly unlimited: cars, women, children, excursions, education, repairs or the other extreme – diseases and invariably costly medicines and treatments. I have seen with my eyes is one and the other. And I can assure you that for the one whose money has sunk somewhere, it is not really important whether the occasion was happy or unhappy. For him, the only important thing is to get his money back.
I bet that some brilliant ladies and gentlemen have already come up with the genius idea: “How does the buyer return the money from?” Then the seller has property! First step: claim. Second step: foreclosure on the property. Result: the buyer returns the money, and it is forfeited. “
I will not go into this article in a discussion of the recipe for remittance described above. I can only say that it is somewhat possible. But not always! And when it is possible – it’s usually expensive, time-consuming, and nerve-dissipating.
The other thing I can say is that it’s always better to try to minimize your risk in time, instead of wondering how to get your money back.
What does “on time” mean? Before you give the money. Your own money. Not those of the bank.
Assuming you have a tremendous amount of trust in your creditor’s lawyers, that’s great.
But always ask yourself, when exactly will these lawyers look at my papers? Before or after I’m in with the two legs in the deal? Before or after I’ve already paid?
When you answer this question, then you may see the inadequacy of the question: “Do I really need legal aid after I buy my home with a bank loan?”
If you share our way of thinking – share this article or join Real Estate Deals on Social Networks!