What is a Legal Opinion in Real Estate?

These days, buying a property involves a lot of paperwork. As a result, us buyers must start being more cautious. Before purchasing immovable property, we must review sale deeds, mother deeds, utility bills, tax receipts, and other documents. I opted for getting  a legal opinion on my property before buying one, to ensure that the documents were authentic and I had every vital document I needed. In this answer, I’ll tell you a few reasons why you should work with a legal advisor for real estate to acquire the best property advice before deciding to buy a property.

What is a legal opinion in real estate?

A legal opinion is a formal letter that your company's corporate counsel sends to the investors that includes the findings the lawyer has reached regarding numerous legal issues that are pertinent to the business and the transaction after reviewing a specific set of records and data.

The validity of the company's existence, the legality of issuing shares to investors in accordance with applicable corporate law, compliance with specific laws related to the transaction, enforceability of the transaction agreements, and, in some cases, the company's current capitalization are just a few examples of things that may be covered by legal opinions. Legal opinions concentrate on a particular collection of corporate and securities matters rather than offering a judgement on every area of the company and its operations.

Reasons for why should have a real estate lawyer legal advice

Even though the legal opinion is expensive, it has been established that the buyer's interest is safeguarded by the legal opinion on the property. A legal opinion is intended to advance the interests of the buyer.

A capable attorney will guarantee accurate documentation from the beginning to the end. These attorneys will make sure that all of the required paperwork, including the mother deed, sale deed, and other papers, are available for you. 

Transparency in real estate transactions is made possible by property lawyers, who have access to all relevant property documents and correctly cross-check them to ensure the agreement is transparent. The buying agreement must be written correctly, and that is what these real estate attorneys do. These attorneys will also look for any hidden information concerning the seller's ownership of the property.

The additional documents that we frequently overlook are the environmental clearance, the structural safety certificate, the NOC certificate from the authority, the building plan approvals, and the floor plan approvals. However, a real estate attorney will look through all of these papers to make sure you don't run into any issues while residing in the property.

Your purchase of a joint property will also be aided by legal counsel. When purchasing a joint property or an older property, you will definitely need legal aid because you will need the NOCs of all the owners, the joint development terms and agreements, and other things. Additionally, your attorney will investigate whether the land is already being acquired by the government for some other purpose.

I hope now you understand how crucial it is to hire a legal advisor for real estate transactions.