You will have gone through many inspections of houses before you find your dream home. Once you find it, the legal part of the process may be another challenge you face. The seller/buyer of the property may be a first-time seller, making them as green as you are in buying and selling property. It is wise for you and the seller to engage the services of a conveyance to navigate the legal process.
It is not a legal requirement to engage a conveyance, but knowing how to decipher the jargon on property agreements can be difficult for the layman. Understanding conveyance and what it involves can help you understand the importance of using such a professional.
The process of ownership transfer of a legal property (piece of land) from one entity or person to another is conveyancing. There are three stages in a typical conveyancing transaction:
- Prior to contract – This is before the contract is created.
- Prior to completion – It mostly refers to the time during negotiations.
- After completion – The time when both parties have agreed to the terms and conditions in the contract.
A conveyancer can be described as a qualified and licensed professional whose job is to provide information and advice about the sale of a property, conduct the settlement process and prepare documentation. Conveyancers do not necessarily have to be attorneys, but solicitors normally undertake this work. Some of the most common scenarios you would engage the services of a conveyancer is when you are:
- Removing, changing or registering an easement
- Updating a title (for example registering a death)
- Subdividing land
- Selling or buying a property
Duties of a conveyancer
If you are a buyer, the conveyancer will do the following:
- Represent your interests with an agent or vendor.
- Settle the property by acting on your behalf, contacting your financial institution or bank when final payments are being made and/or advise you when the property is being settled.
- Calculate the adjustment of taxes and rates.
- Use a trust account to deposit the down payment.
- Research a property and its certificate of title by checking the type of title, easements and any information that needs to be addressed.
- Lodge, clarify and prepare legal documents such as memorandum of transfer and contract of sale.
If you are the seller, a conveyancer will do the following:
- Represent you by responding to requests from the buyer. For instance, they can request to extend title questions, dates and so forth.
- Ensure all legal documents are complete and sorted.
Contact a professional conveyancing service, such as Woodgate Lawyers, today, and get started on the process of buying your dream home.