Aug 16, 2019 03:49
Inevitably, lawyers feature as one of the essential professionals for a successful investment in real estate, as with investment in most other sectors of the economy. Solicitors/lawyers help clients in ensuring compliance with regulatory requirements; draft documents for transfer of property; register such transfers at the appropriate agencies; and protect clients’ interests against persons wishing to prey on them. Lawyers also carry out due diligence on potential assets e.g. carrying out searches at land registries, review titles to ensure there are no outstanding liens, etc. Some lawyers have by practice become specialized in this aspect of the law and these kinds are called real estate lawyers. Although, many of these tasks can be performed by an investor himself, it is more realistic and advisable that a real estate lawyer be engaged as they usually have become meticulous from handling similar transactions virtually every day. They are engaged for their ability to provide cut-edge expertise and effective delivery. Moreover, in a country like Nigeria, by the provisions of Section 22 (1) (d) of the Legal Practitioners’ Act, only legal practitioners can prepare documents for transfer of property for a fee, therefore bypassing a lawyer may amount to an illegality. In the United Kingdom, the dual role of lawyers as solicitors and advocates is not fused. The proper professional to engage in that clime will therefore be a solicitor as he is the one with the qualifications required to perform out-of-court activities.