Conveyancing is the legal or statutory process of transferring the property title from the owner to a buyer. It is a necessary process whether buying or selling property. Both buyers and sellers need to fulfill certain legal responsibilities and obligations associated with the transfer of property.
A conveyancing solicitor helps and guides during this process by ensuring that their client is meeting all legal obligations. A conveyancer also takes care that their client’s rights are protected during such transactions.
What happens in conveyancing?
Conveyancing essentially allows a buyer or seller to enter into a sale agreement with complete knowledge that the transaction is legal, binding, and will not lead to litigations later on.
That is why New Metro City always carries out complete legal procedures for transactions related to the property. The project has always upheld the practices that are widely accepted local and globally. It is pertinent to mention that the management of Blue World City is also offering legal consultation in the property sale or purchase at affordable costs.
For a buyer this means, to pay for a property knowing fully what they are paying for. While for a seller this means, they will receive the complete purchase price and will not be exposed to claims from a buyer after settlement.
Selling a property involves extremely complex paperwork and legal processes. There are numerous obligations under a contract that have to be done within specific timeframes. Missing these critical dates can cost losing a deposit or the sale opportunity altogether.
Thus, a conveyancing lawyer is best equipped to:
- meet all the legal obligations
- protect all your rights
- do legal paperwork and document handling
The importance of conveyancing
Prime Lawyers strongly recommends engaging the services of a properly qualified and licensed conveyancer. There are many considerations to be looked at and checks to be carried out before a sale is finalized.
In order to enjoy a smoother experience dealing with buying and selling property, the importance of conveyancing cannot be stressed anymore. Let’s take a look at the scope of work that a conveyancer covers:
- Managing transfer documents to ensure the property is rightfully and legally transferred from seller to buyer. This includes preparing, arranging execution, and lodging all legal documents.
- Ensuring that all documentation complies with legal regulations in the respective territory or state.
- Enquire and search for relevant settlement documents in respective jurisdictions so that debt or negative interest is not inherited by buyers. They will also make sure that relevant adjustments are made at settlement. Conveyancers generally search for title debts or liabilities, local authority searches for future developments and bush fire or flooding risks, and strata inquiries in case of apartments.
- Preparing the Contract of Sale and Vendor Disclosure Statement for sellers. While acting on behalf of buyers, conveyancers will review these documents. In both cases, conveyancers will advise on a course that best serves their clients’ financial interests.
- Calculating the adjustment of rates and taxes, and playing a vital role in arranging the settlement with the bank.
- Taking care of the communication with all other parties involved in the transaction.
The bottom line
Conveyancing ensures that both buyers and sellers do not miss out on any adjustments that need to be made at settlement. Conveyancing lawyers have the necessary training and skills to put together and also decode a contract. There are a number of other tasks offered through conveyancing to ensure your real estate transaction proceeds without any glitch.
Call a conveyancer right after your real estate agent helps you zero in on a buyer or a seller of property!