Conveyancing

Conveyancing is the process of legally transferring the property form one person to another. It involves putting the property up for sale, completing the relevant documentation for the buy/sell agreement and 'conveying' the property to the buying party after the sale. The process of property conveyancing can appear to be simple from surface glance but can become intimately complex when legal or transfer challenges ensue.

With the complexities of real estate transactions, it's important to differentiate between the pre sale agreement and the post sale conveyancing process. Challenges that form part of the pre sale negotiation documentation and negotiation are not considered to be part of the home conveyancing process. The conveyancing work commences after the sale has been closed. In conventional real estate transactions, this commences after the lawyer acting on behalf of the vendor receives the completed contract of sale for the real estate agent.

The transference of real estate from one party to another should be free of any interests. If the home owner has taken out a loan on the property, the bank can have a registered interest in the form of a mortgage on the property. This can also apply to the property if it has been used as collateral in a business transaction or forms part of a guarantee extended to a third party. Part of the house conveyancing process is doing the background checks to ascertain that the property is free from any caveats, easements or covenants.

The conveyancing process continues after the transference takes place and constitutes an area of risk where hidden legal and procedural problems can arise. When the transference takes place, the documentation registers the new owner with the land titles office. The actual transfer is not complete until a new certificate of title is issued in the purchasing property owner's name. Inadequate procedural documentation or problems with signatures can create delays and hamper the transference process.

It is important that a suitably qualified professional handle the home conveyance process. The real estate conveyacing process presents the following options:

* employ a lawyer to do the legal and property conveyance work

* Engage a non-lawyer or conveyancing company to do the work

* Use a DIY conveyancing kit to complete the process.

Before your make a decision based on cost, it is important that you fully understand the procedures and legal issues that constitute the conveyancing process. The property transference can appear to be simple but can lead to complex legal problems. In cases where tax issues, liability issues and survivorship considerations are involved, it is important that you have adequate background knowledge and 'know how' to be able to adequately address any problems.

Contact Us | Resources | Privacy Policy |