Monthly Archives: October 2015

Reduce Risk when buying property

1. Don’t put property you have paid for in somebody else’s name.
2. Keep title deeds safe. If they get lost, obtain replacements.
3. Take out property insurance and make sure you are the named beneficiary. Make sure the value of the property on the policy is kept up to date.
4. If your life partner has debt, bear in mind that he or she will try to pay it off, and if they own property they may take out a registered or unregistered loan using the property as collateral.
5. Remember that a building in law is different than land and therefore security and contracts should address the difference.
6. Don’t invest your entire life savings in one thing, or one property.
7. Keep some money overseas.
8. If you don’t like your lawyer, or no longer trust your lawyer, appoint a new one. Double-check the previous lawyer’s work. Don’t choose a lawyer based on fees alone. ‘You get what you pay for’ is a rule that applies in most situations, although not all.
9. Invest time in understanding the property system; the criminal legal system; the civil justice and court system. Try not to learn about those systems after the event. Understand the waters you swim in.

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