Some Documents Developed in Conveyancers

Other than the contracts that the conveyancers need to prepare, they also verify the following job responsibilities:

First Home Buyer Government Assistance Grant

This is applicable for investors who are purchasing the property for the first time. Even if you are building the first home, or purchasing a vacant block of land, one will be eligible for the First Home New Home Scheme. One should always consult with a licensed conveyancer or the Office of State Revenue to confirm whether there is a specific grants that one can be qualified for.

Finance

This must be organized before commitment to the purchase contract is made. The contract is legally bound with the financial approval. Once somebody signs the contract, one is legally bound to fall through regardless of whether one has the necessary finance or not. If someone is unable to purchase the stand, one may lose the deposit stated in the contract and can also be sued for the loss.

Joint ownership

The title of the property is held in two ways:

Joint tenants: This is where joint owners are considered a part of one entity and death of any one of them will automatically pass on the name to the remaining members.
Tenants in common: This is when each owner will have a specific share in the property. The death of the owner shall pass the name to the one nominated to inherit it.

Final Inspection

The purchaser can always ask for a final inspection of the property prior to the settlement. This will ensure that the property is in the same condition when first seen.

Settlement

This is the day when all the transactions are completed. Money is exchanged and the title deeds are finalized.

The conveyancer will decide on all the documents. They usually have the professional expertise to ensure that all documentations are complete.

Using the Help of Conveyancing Solicitors for Real Estate Transactions

The process of selling a property to another person is called conveyancing, this process contains all of the legal requirements to execute a sale. Conveyancing can be quite complicated and therefore legal assistance is normally sought out. Tasks completed during the conveyancing process are; contract drafting, doing searches and looking after all the post-completion paperwork.

The first step is to make an offer on the property you are interested in and inform your estate agent the amount you would be prepared to pay. If you require a mortgage you need to make an application to your lender at this stage. Once the vendor of the property accepts your offer, their Conveyancing Solicitor will send out a draft contract setting out the terms of the sale.

At this point, your Conveyancing Solicitor will:

•    Check the contract, raise any queries and carry out searches to see what information is available about the property.

•    Report to you that all is in order and the money is available before arranging for contracts to be exchanged. After this, neither you nor the vendor can withdraw from the transaction and it is usual on exchange for the buyer to pay a deposit which the seller can keep if the buyer defaults.

•    Prepare a final statement showing how much money is needed.

•    Arrange for the buyer to pay a deposit on the day the contracts are signed, typically 5 or more percent of the total sale price.

•    On completion pay the money to the vendor's solicitor, they then vacate the property and you are free to move in.

•    Pay any Stamp Duty Land Tax due and register the property in your name at the Land Registry.
In addition, your conveyancing solicitors will:

•    Advise you if anything unexpected happens during the sale process and handle any price negotiations.
•    Assist you in the completion of forms detailing information about your property, its fixtures and fittings.

•    Obtain your title deeds and land registry copies.

Deal with the requirements of your lender in all mortgage cases and liaise with estate agents and surveyors to ensure that everyone works together to complete your house sale or purchase.

Buying a house is probably the most expensive transaction you will ever conduct - don't cut corners - make sure your appoint specialist Conveyancing Solicitors who can guide you through the whole conveyancing process with expertise.

Conveyancing Transfers Ownership

Conveyancing is the process of transferring the legal ownership of real estate from one person to another. While the definition of conveyancing is simple enough, the fact that conveyancing is a legal procedure does introduce a number of complexities. To properly understand the concept of conveyancing, and why a simple conveyancing transaction can become extremely complex, we must first examine the nature of real estate itself.

Conveyancing Is About Real Estate Interests

Real estate is permanent. It cannot be moved, or hidden or destroyed. These features make real estate extremely valuable, and they also mean that real estate represents one of the best forms of security. If a bank lends money, and accepts real estate as security for the loan in the form of a mortgage, it doesn’t matter if the owner of the real estate flees the country and refuses to repay the loan. The bank has an “interest” in the land, and is entitled to sell that interest in order to recover the loan money.

A mortgage is just one form of interest a person can have in real estate, but there are many others, such as caveats, easements and covenants. It is part of the role of person providing the conveyancing services to ensure that the property is transferred or “conveyed” to the new owner free of any other interests. If the property cannot be conveyed free of other parties’ interests, then the purchaser or transferee of the property should be alerted to the interests as part of the conveyancing service.

Conveyancing Is About Keeping Things on Track

A simple way to state the situation is to say that conveyancing procedure involves, not only doing the conveyancing, but also keeping the conveyancing process on track.

As mentioned above, conveyancing can be a very simple process when everything is simple and straightforward, and anyone can complete the processes and procedures necessary to effectively transfer ownership of a property. However, the real skill in conveyancing is not so much knowledge of conveyancing procedures or even conveyancing law. Rather, the real skill in properly completing a conveyancing transaction is in anticipating potential problems, both legal and procedural, and addressing them before they materialize.