Conveyancing, in law, is the transfer of legal property of real estate from you, as the seller, to someone else, called the buyer. In other words, it is the assignment of a lien, or mortgage. A typical conveyancing deal consists of two phases: completion and exchange of contracts. The parties exchange contract documents for the sale/purchase or property. The seller pays the purchase price. The title to the property goes to the buyer. The contract is typically recorded in the county where it is being sold.
The next step after a successful sale/purchase is to close the deal and finalize the mortgage offer. This is done by submitting the seller a mortgage offer along with all relevant legal documents including the sales contract and security deposit. Once the seller has received the mortgage proposal, he can accept it or reject it. If the seller accepts the mortgage offer, a local authority, such as a real agent or attorney, will be contacted to investigate it. If the deal is approved, the deal closes. The new owner becomes the new mortgagee.
Now that we know the major roles that the conveyancer has in the conveyancing process and what to look out for when hiring one, what are some other things you should be looking for? You should pay attention to the experience of a conveyancer. Experience is important as you don’t want to be stuck working with an inexperienced lawyer who can’t deliver the results you require. Hire a licensed, licensed, bonded, insured and licensed real estate broker who has years of experience in the process of conveyancing. The brokers can also help you to get all the details such as contact information of other parties in the transaction or other relevant information.
Also, you should look for licensed conveyancing firms that offer the best services throughout the entire process. You may find various requirements in different contracts. It’s therefore advisable that you get your own contract pack from the agency. This will avoid any problems during the purchasing process.
After you receive the contract packet, you should review all applicable clauses. If you are buying a flat, and not a house or other property, you should ensure that you do not fall for any clause restricting the sale of the property after it has been purchased. You should also check the ownership clauses. Check that the conveyancing process doesn’t become invalid if the ownership of the property changes (through divorce or sale of the property). .
Once you have reviewed all clauses and are clear about them, contact your solicitor. Once your solicitor confirms that you have signed the contract, you can move on to the actual conveyancing process. This part of the process will be easier if you have a licensed conveyancing company to assist.
After the solicitor has completed the conveyancing, you may hire a lawyer to help you. Your solicitor can then give you the entire contract so that he/she may start selling your property. Your buyer (you) receives the money and the commission on your account once the solicitor has sold the property.
It is also a good idea to hire an estate agent. An estate agent is more likely to last than you, as they have the experience to deal with all kinds of cases. They will be more durable than you because they can quickly obtain all required papers and documents. A licensed conveyancer can help you make the process easier and save you all the hassles of buying a home.