Conveyancing is the term used to describe the legal process of transferring property from one person to another. The conveyancing process will involve 4 main stages and such process will usually last for 2 or 3 months.
Your Guide To The Conveyancing Procedure When Buying A Property
During Initial Stages
Once you have told the solicitor that you want to use their services, you must receive a Letter of Engagement. You have to sign such letter and return it as soon as possible so they will start working. Be reminded that funds might be requested to cover initial expenses like the costs of the searches. Your solicitor will then write to the seller’s solicitor to confirm that they are well-instructed, and request the draft contract. This must arrive with a package that will include the information on the title of the property and the standard forms completed by the seller. When the property is leasehold, a copy of the lease will be included also. Be mindful that prior to committing to buying the property, your solicitor will ask you your wished about shared ownership. You have to let your solicitor know if you are likewise selling a property.
Legal Works Before Contracting To Buy
The solicitor will examine the draft contract documents. When necessary, he or she will raise inquiries with the seller’s solicitor. On the other hand, you will be required to go through the standard forms that the seller has completed, and inform the solicitor if everything is as you wanted.
Signing Your Contract
When all inquiries are answered, they will be examined by your solicitor and when they are satisfactory, you will then be invited to sign the contract and any mortgage documents. Also, you will have to make arrangements for the deposits to be transferred into your solicitor’s bank account.
Exchange Of Contracts
Prior to exchanging of contracts, a Building Insurance Policy must be in place. All the parties involved must agree on a completion date. You must be aware that from the point at which the contracts are exchanged, you are legally bound to buy while the seller is legally bound to sell. In case, any part will back out, the other will be entitled to claim compensation for losses arising.
Between Exchange And Completion
Your solicitor will draw up the transfer deed so the property can be registered in your name after completion. During this time frame, you must receive a statement from your solicitor showing all your expenses.
This takes place if the seller’s solicitor will confirm that they have received all the money that is due. If this has happened, the seller must drop the keys off to the estate aged ready for you to pick-up. Also, your solicitor will arrange for the title deeds so it can be registered in your name. And if the property is leasehold, your solicitor will ensure that your name is entered on to the lease. They will likewise get the transfer stamped so as to officially approve the sale.
By understanding how the conveyancing process works, you will have a peace of mind that transactions are legal and appropriate. Also, this will make you a well-informed home buyer. Hence, your investment will be worthwhile.
Oliver Finney is an enthusiast of the real estate industry. He loves to continuously learn and share knowledge about the vast and comprehensive world of the real estate business, off and online. He visits sites likehttp://www.certuslegal.com.au and reads relevant books to increase his knowledge about the industry. He shares what he learned through writing.