The most important part of any real estate transaction is its legal part. Be it the buyer or the seller, it would be best for both the parties to hire a professional conveyancer so that the whole process is effective, beneficial and successful for all of them.
The process of conveyancing is described as the exchange of legal property ownership between two parties with the help of three steps, i.e., pre-contract, pre-completion and post-completion. The professionals specialized in the field of conveyancing are known as conveyancers who offer information and guidance with respect to property sales, formulate official as well as legal documents and take care of the settlements.
Responsibilities of a conveyancer
If a conveyancer is representing a property seller, he/she is required to sort out all the legal documents and make sure that they are officially completed. Also, he/she has to respond to the buyer’s requests such as extension of settlement dates, queries made about title deeds, etc.
In case of a buyer, a conveyancer not only has to go through all the legal documents, but also has to do research on the property and its title deeds. Other responsibilities include money deposition in a reliable bank account, evaluation of rates and taxes and property settlement. He/she makes sure that your interests are successfully conveyed to the other party, i.e., the seller or its salesperson.
Steps used in a conveyancing process
In a conveyancing process, there are certain steps, which both-buyers and sellers need to follow.
- Sign the Contract for Sale and give one copy of this document to your conveyancer.
- Your conveyancer will take care of all the due dates covered by the contract and make sure that they are met on time. You should observe your contract’s progress by contacting your conveyancer regularly for latest updates.
- Your conveyancer will do research on the property you intend to buy, so that all of your concerns are alleviated.
- Ask your conveyancer or solicitor to go through the contact before signing any contract in order to see if there is a requirement for the inclusion of custom-made special conditions in the document.
- Then, your conveyancer will organize the settlement requirements by calculating settlement funds, booking the required banks, representing you in dealings and making sure that all the documents are signed and well-prepared.
- Settlement date and location are decided after everyone related to the transaction has agreed on them.
- After all this, you have to make arrangements for stamping with the state revenue authorities or get your conveyancer to do it in your place while representing you.
- After the settlement has been done, see if there is any mortgage and make sure to notify the local officials about the exchange of property ownership.
Create a list of qualified conveyancers as well as checkout the best conveyancing solicitor quotes online to compare your list and find the one who meets all of your requirements. Also, ensure that they are legal and have clean track records.
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