Why You Should Be Represented By A Lawyer In A Property Transaction
I have come across many enquiries from potential clients asking if they could do away with a lawyer in a property transaction. More often than not, the reason for not wanting to engage a lawyer to represent them is due to the myth that you only need one lawyer to prepare the Sale & Purchase Agreement for both parties to sign. Indeed, it is a myth and has serious implications to the parties. In most cases, if not all, the parties are unaware that they should be represented by a lawyer in a property transaction. These are good reasons why you should be represented by a lawyer in a property transaction.
A Lawyer Cannot Act For Both Parties
Section 7(1) of the Solicitors Remuneration Order 2006 states that a solicitor may not act for more than one party in a particular transaction subject to some exceptions. It is commonly held that the party which the lawyer bills would be the party to whom the lawyer is representing. Though the other party may, by mutual agreement, contribute towards the paying of the bill, ultimately the lawyer is answerable only to the party whom he issues the bill to. Acting for a party is to be distinguished from the mere act of preparing miscellaneous documents, filing and / or witnessing the signature of the other party where there are no conflict of interests involved.
Protection Against Unfair Terms
Quite apart from the fact that under the law a lawyer cannot act for both parties in a property transaction, having a lawyer protects the client against unfair terms being drafted into the agreement. The lawyer is expected to explain all the terms drafted and the consequences of the terms so that the client would be fully informed of what he is getting himself into when he ultimately signs the agreement. Most agreements are drafted with legal jargons and it can be bewildering to the man on the street what these terms mean. For instance, it is common place to use the word “Consideration” in a property transaction which actually means “some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other” (Currie v Misa [1875] LR 10 Ex 153). In a sale and purchase transaction of a house, one party is willing to give away his house in return for monies being paid by the other. The “consideration” is the money for the house. Read more
Tips To Get Out Of Credit Card Debts
Credit cards, by nature of it offering the card holder a period of credit for purchases, more often than not leaves the card holder in debt when the card holder is unable to manage the spending wisely. Compounded (pun intended) with the high interest rates chargeable on outstanding balances plus fees and penalty payable, what seemed to be a small amount outstanding can snowball to an unmanageable credit card debt in a couple of months. I was previously having recurring outstanding balances but thankfully, have managed to get them fully paid without any penalties being taken against me. These are some tips which would be useful to you to get out of credit card debts.
Talk
If your credit card debt is getting out of hand, pick up the phone and call the credit card issuing financial institution. Better still, pay them a visit. Tell them about your current financial situation and request for time to pay - perhaps to lower the interest rate of your credit card (it is a long shot but worth exploring since you have nothing to lose) or to restructure the debt. Some financial institutions can be flexible in meeting this need. After all, they only want your money and if you can demonstrate to them that you will be able to pay albeit for a longer period of time, it would still benefit them.
Stop
Put away your credit cards and reassess your spending habit. Don’t incur anymore expenses on your credit cards because it would snowball the interest charges if you fail to settle the previous month’s outstanding amount. Be frugal and only spend on necessities, not wants or luxuries. Find ways to reduce your expenses. Work out your monthly budget based on your income and liabilities and stick religiously to it. There is no other more effective way than this.
Pay More
Pay as much into your credit card debt as possible. Make it your goal to pay in full each month. Never settle for paying the minimum amount payable unless you are in dire straits and that is also due to an unexpected emergency. Don’t even think of skipping payment because not only will that make you pay more the next month, you risk your credit profile being blacklisted which may affect your whole creditworthiness. Read more