When it comes to investing on a property, things can get pretty tricky for most of you. Seeking proper guidance from an experienced property lawyer always seems like a good idea, since he will be able to guide you at times when you feel at a loss. This is especially true when it comes to guiding you through the conveyancing process. Those of you who have purchased properties in the past may know about the term. However, majority of you may wonder, what it basically means.
What Is Conveyancing?
The term conveyancing basically means the legal transfer of any property from one person or owner to the other as you can find on natlaw.com.au. This legal process involves a licensed conveyancer or a conveyancing solicitor who mainly acts on behalf of the person who purchases the property or the buyer in order to ensure that his client gets the title deed to the property, as well as, the land it sits on. Conveyancing summarizes all the administrative and legal work that is needed to make sure that a house purchase is in adherence to the law.
Some Standard Conveyancing Practices
When you decide to buy a property, you will soon hear your mortgage lender or conveyancer referring to the term “exchange of contracts.” This basically refers to the exchange of signed contracts between the seller and the buyer. It is carried out with the help of both the party’s conveyancer. This contract also legally commits both the parties to the sale of the said property.
- The purchase of a house is not legally binding until the exchange of contracts between the seller and buyer takes place. In a way, it gives proper freedom to both the seller and the buyer before the exchange of contracts takes place.
- Right before the contracts are exchanged, either the buyer or the seller has the right to cancel the transaction without any obligations to the other involved party.
- Once the contracts are exchanged, both the parties are legally committed to the agreed terms of the sale and the purchase of the property. If you decide to pull out at this time, there is a big chance of you losing the deposit that you have paid earlier upon the exchange.
Things Your Conveyancer Will Do For You
It is quite possible for you to be your own conveyancer. However, it is definitely a challenging legal process, which is best handled by an experienced conveyancer. Here are some of the things a conveyancer will do for you.
- Request and receive a copy of your mortgage offer.
- Cooperate with the solicitor of the seller in order to get a contract pack.
- Carry out various important local authority searches in terms of the said property.
- Analyze and scrutinize the different results of the local authority searches.
- Arrange for any potential dates for the completion with both the involved parties.
- Swap the signed contracts with the conveyancer of the seller.
- Make sure that the deposit is transferred to the conveyancer of the seller.
- Request the payment for mortgage advance from the lender you had approached.
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