Conveyancing is the legal transfer of the ownership of property from the seller to the buyer. Conveyancing is necessary in order to establish appropriate ownership and transfer of assets such as homes, land and real estate. It is an important part of any property purchasing process because documentation that surrounds the buying and selling of property is often complex.
The conveyancing process
Conveyancing involves two important steps:
Exchanging of contracts
This step involves the establishment of interest in a particular property by the buyer, and intent to sell by the seller. The seller provides the potential buyer with the conditions that they should meet in order to gain ownership of the property. This often involves the preparation and issuing of contracts, which the buyer can analyze and determine if the terms of sale are acceptable to them.
The completion stage occurs when the buyer has agreed to the terms of sale and is ready to sign the required paperwork in order to gain ownership of the property. This stage is also commonly referred to as the settlement stage, because the purchasing process is settled when ownership is legally transferred from the seller to the buyer.
When conveyancing is necessary
Buying or selling property
When buying or selling a piece of land, ownership information must be legally transferred to the new owner. This occurs so they can prove that they indeed own the property according to the law.
Updating title information
In cases where the owner of a property passes away, the title needs to be updated to show that the ownership will be passed on to someone else. In such a case, conveyancing is necessary in order to legally update the title as necessary.
If you are separating a piece of land into different parts, it is necessary to legally update the status of the property so it can be correctly reflected in law.
How a conveyancer can help
A conveyancer is a licensed professional that is qualified to provide information regarding the buying or selling of property. They also assist with preparing the necessary documentation that is involved during the process. Engaging the services of a conveyancer can help make the transfer process proceed smoothly, and you can ensure that any missing legal elements surrounding the purchasing process are covered.
For buyers, they can also help you make sure that the property is correctly owned by the seller, and that the title certificate is genuine. Some conveyancers also help with calculating rates and taxes.