Buying property is a truly unique experience. Not only is it the most expensive purchase most of us will ever make, but the process involved is more complicated than you would think. Many people believe it is simply a matter of perusing what houses are for sale, finding the perfect fit for you, and organising the financial side of things; but there are more pieces to the puzzle that must be sorted before you can move into your dream home – understanding the conveyancing process will help your property purchase go smoothly.
Prior to a sale taking place, the process of conveyancing must first be completed. Put simply, conveyancing is an area of law concerned with the transfer of property from seller to buyer. When property changes hands, the services of a lawyer are required in order to ensure that the title effectively passes between the parties, conferring all rights associated with ownership onto the buyer. Wherever you choose to buy a property, conveyancing is the sum of all elements required for completing the transaction.
You might ask, ‘Isn’t conveyancing something I can do without the help of a lawyer?’ Well, yes and no. Conveyancing is more than just a one step process; it is made up of a series of tasks that are far easier with the aid of legal advice. A conveyancer will, among other things, review the current agreement for sale and purchase, conduct a title search outlining any potential restrictions on the property, and obtain a guaranteed search of title, which protects property buyers from third party claims immediately before and after settlement. They will also handle other important documentation, such as preparing mortgage materials, carrying out the transfer of ownership, and finalising settlement. Throughout this surprisingly detailed and highly involved process, your conveyancer will be on hand to issue helpful advice as required.
As with any transaction, there are two sides to consider, and the conveyancer plays an equally important role on behalf of whoever is selling the property. They will ensure that all charges are up to date, and arrange for the outstanding mortgage to be paid and discharged following the sale. Meanwhile they will report to the seller with any developments as they arise, and provide legal advice in a timely fashion.
More complicated than looking at what houses are for sale in the newspaper, right? Conveyancing, while an often complicated process, can still be an easy one for the buyer and seller. The internet age has seen the rise of the online conveyancer, who can perform all the same functions as a lawyer, at a fraction of the price. If you can find a specialist online conveyancing service that is reputable, with experienced legal practitioners on staff, you will be able to outsource the technical aspects of buying and selling property without the costs associated with directly employing a lawyer. Conveyancing is important, essential, and unavoidable; but it doesn’t have to be a hassle.