Real estate transactions are always complex and quite challenging for an ordinary person. Regardless of whether the property is being rented, an apartment being purchased for personal residence or a warehouse being leased, a real estate transactions always involves certain risks. Legal expertise of real estate allows exclusion or minimizing of such risks.
Legal expertise of real estate is a procedure for assessing real estate and possible risks associated with the entering transactions, the object of which is such real estate. It will reveal the existence of covert problems which may lead to invalidation of contract, loss of funds or other unpleasant consequences.
VigoLex recommends conducting a legal expertise before concluding any real estate transaction.
Why would you need to conduct a legal expertise of real estate objects?
- In certain cases, legal expertise facilitates reduction of the transaction costs;
- It allows to identify inaccuracies or risks of concluding real estate transactions, which may lead to invalidation of contract;
- It ensures possibility to avoid future conflicts of interest with the owners;
- It enables best protection of your interests in real estate transactions;
- It allows to exclude errors in drafting documentation, as a result – to avoid lawsuits, claims, etc.
Legal expertise of real estate objects includes:
- Legal expertise of real estate object. At this stage, the real estate object itself is being verified, for example: it being owned by residential/non-residential fund, being used as the registration address of minors, the presence of encumbrances, it being involved in legal or enforcement proceedings, etc.
- Analysis of the set of documents for real estate. This implies a legal expertise of the technical and authorisation documentation for such a property in order to establish the ownership of real state, the existence of unauthorized replanning, modifications, etc.
- Audit of previous real estate transactions. At this stage, VigoLex team checks the entire chain of real estate transactions in order to establish whether the seller or the lessor has the legal right to conclude this transaction. For example, in practice, often are situations when a lessee subleases premises without having permission from the owner thereof, resulting in lawsuits filed against the sub-lessee.
- Seller/lessor background check. The client should not forget the importance of not only what one buys, but also who sells it. For example, seller/lessor background checks may uncover once being recorded accused in several legal cases of fraud, which is clearly important information to have prior concluding a transaction with such a person.
VigoLex strongly insists on applying for legal expertise before concluding real estate transactions. Our team will be happy to provide such services, as well as the services of comprehensive legal support, audits and conclusion of real estate transactions.