Guide to Residential Property Conveyancing

Guide to Residential Property Conveyancing

A conveyancer can make the process of buying or purchasing a property a lot easier and help you with many of the legal issues that may arise. There is a lot of paperwork and documentation to be done in this process. Therefore, it needs to be done by someone with an expert eye. A conveyancer will make sure that the legal ownership of the property goes well by managing the legal complexities. Your estate agent may also recommend a conveyancer. You can also do some research by visiting several conveyancers and inquire about fees as well as check their reviews.

How Conveyancing Works

You may think that once the offer is accepted that it is a done deal. However, until the two parties exchange contracts, the offer is not legally binding. You can get the help of key law conveyancing Brisbane to start this process which typically takes about 2 to 3 months. In the event that you’re selling property, once the offer is accepted, the conveyancer from the buyer’s side will ask for the property title deeds from your solicitor. It is better to keep these documents with your conveyancer for just this purpose.

If you’re a buyer, your conveyancer will obtain the property title deeds from the seller. This is done to make sure that the seller actually owns the property and has the ability to sell it legally. The conveyancer will check up on the state of the mortgage; whether it exists and if it has to be settled. The conveyancer will check the safety of the property by searching what the flood risk to the area is and carry out other checks in relation to the location of the property. This information can be found out through the Land Registry. They will also need to obtain information from the local authority about what will happen to the land in the future such as a road that may go through the land and what the building plan for neighbouring lands is. Your conveyancer will arrange for the transfer of funds to the seller’s conveyancer at the completion of the process.

When both parties agree to the completion date formally, the conveyancers on either side will arrange for the exchange of contracts. After this, the parties will sign the contract and move towards the finalization of the process. The new owner will then be registered with the Land Registry and the title deeds will then be provided to the owners.

Residential property conveyancing is a process that may have many potential risks and issues. By getting the help of a conveyancer, you will be able to have a better understanding about the property. This way there won’t be any surprises for you once you finalise the proceedings. You will be able to rest assured that there is no stone unturned when there is a legal advisor that is looking over your interests. This will also help you resell the property a lot easier as there are no hidden issues or unknown restrictions.

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