Scenario
How many times have you heard or encountered this scenario? The other party will sometimes convince you to use the same set of lawyers to ‘smoothen’ and quicken the transaction.
Mythbusted.
A lawyer CANNNOT legally represent both the vendor and purchaser in a single transaction. ‘Sharing’ lawyers may actually mean that the other party is represented, leaving you UNREPRESENTED and totally at their mercy. In the event of a dispute, know that you risk getting caught whereby the terms of the Sales and Purchase Agreement (SPA) might be at your total disadvantage as the “common lawyers” need to take a side.
Think about it, if you are making a handsome profit, why go for a cheaper option when you should be protecting your interest and locking your profit with the best lawyers that you can afford? This practice might be prevalent in Malaysia, but when a problem arises, the few thousand ringgit ‘saved’ will come back to haunt you. Penny wise, Pound foolish? As a smart investor, you’re definitely wiser than that.