Civil Lawyer in Lahore & Property Issues:
Advocate Nazia is an expert civil lawyer in Lahore Pakistan, dealing in property issues. At the closing of the property purchase, the seller should also receive the balance of the purchase price as adjusted in the closing statement. Suppose the seller is taking a “purchase money mortgage” from the buyer, discussed later. In that case, the seller will also want evidence at the closing that the buyer has insurance naming the seller as mortgagee. This policy protects the seller if a fire or other “act of God” causes loss to the dwelling, which can be discussed with a civil lawyer in Lahore, Pakistan. What Is a Deed? As noted, the owner or seller of the property has to give the buyer at the closing an adequately executed deed on the property. Our Civil Lawyer in Lahore & Civil Lawyer in Lahore Pakistan is best and top. Now Choose Our Professional Civil Lawyers in Lahore & Civil Lawyers in Lahore Pakistan to Solve The Legal Issue.
The deed is the written instrument or document by which the property owner conveys the land, or some interest in the land, to the buyer, which is better to be prepared by a civil lawyer in Lahore, Pakistan. A person may make a gift of real property by deed and sell the property by deed. For example, a father could give a piece of real estate to his son or another person by signing it, having it notarized before a notary public or civil lawyer in Lahore Pakistan, and delivering the deed to the person receiving the property. The deed will identify the parties, state the price or consideration paid, and give a complete, accurate description of the property at the time of sale.
The deed must be signed by the seller—or sellers if there is more than one person involved—and must be acknowledged before a notary public. At the closing, the deed is delivered to the buyer for recording. Recording the deed is very important to the buyer. That formality constitutes notice that the buyer now owns the property and that the seller no longer has an interest as of the recording date. If the buyer does not record the deed, anyone with a claim against the seller who is unaware of the sale can put a lien on the property. The buyer may have paid the purchase price and may have a deed in his possession. Following the settlement, the deed should be recorded immediately through a civil lawyer in Lahore Pakistan for the buyer’s protection.
Classes of Deed:
There are various types or classes of deeds. Two ranks as important insofar as individual rights are concerned: The warranty deed transfers an interest in the property and guarantees the buyer that such interest has been transferred. The quitclaim deed merely transfers whatever interest, if any, the seller may have in the property.
The latter has a special purpose. For example, as a result of the title examination, a third party may be interested in the property that the buyer intends to buy. The third party may have the right to use the property as a shortcut. To clear the title of that possible defect, the buyer would insist that the party who claims the right of way sign and deliver to the buyer a quitclaim deed prepared through a civil lawyer in Lahore Pakistan.