How Conveyancing Works: All You Need to Know
Posted on: 25 March 2021
The real estate industry is one of the most lucrative businesses that you can venture into. However, you have to conduct your due diligence when you are buying or selling property. Since the transactions involve huge sums of money, you should be cautious about who you trust your money with.
Conveyancing is a legal process that helps you transfer property from yourself to another owner without making any financial losses. If you haven't transacted in the property before, it is good to learn how it works. Here are the three major steps that you will follow during conveyancing.
The Initial Paperwork
The initial paperwork is what sets the property transfer process in motion. Here, the seller's solicitor will draft a document that will outline the terms of the sale. They will provide all the necessary information about the condition of the property on sale. They should also offer information on the property owner's legal title to the property.
At this point, your solicitor, as the buyer, should take up the inspection process. Ideally, your solicitor should have the expertise to cross-check the property and ensure the property does not have legal issues, rights of way or boundary disputes. Overall, your solicitor will ensure that all issues arising from the preliminary process have been resolved before moving to the next step in the process.
Planning the Survey and Search
The next step in the process is surveying the land. As the buyer, it is the responsibility of your solicitor to organise this search. The survey involves checking the location of the property and characteristics such as the drainage and any planned developments in the near future. This report helps you determine whether the land will be a great investment in the long-term.
When your solicitor has ensured the property is in order, they will sit with the seller's solicitor and discuss the draft contract terms. You and the seller will sign the contract and wait for the final exchange.
Getting the Mortgage Offer and Contract Exchange
You will need a mortgage offer if you are buying the property with a lending institution's help. The mortgage lender will also involve their solicitor, who will check and ensure the transfer is legal. Once you commit to the transaction, you will sign a contract with the seller. The solicitors will finalise the agreement and register the property transfer.
The key is to have a professional solicitor handle the entire transfer process for you. With their help, you will have a smooth and profitable property acquisition process. For more information, contact a conveyancing service.Share