According to Wikipedia, conveyancing, in law, is the handing over of legal title of real property between two parties, or the surrender of a liability like a lien or mortgage. As long as you are buying or selling a house or alternative buildings, you will have to deal with this process. If you have done it before, at least you have some experience and from your previous encounter/s, you may have learned a thing or two that you would do differently next time. But if it is your first time buying a home, then there are some things you may want to watch out for. Here are a few words of wisdom to help you do the right thing the first time, and to give you peace of mind once things are settled.
The Conveyancing Solicitor
The term ‘conveyancing solicitor’ or conveyancer is just a fancy name for a lawyer whose sole purpose is to ensure that you buy or sell a house without unnecessary headaches during and after the process. They will prepare any legal documents necessary for the transaction, ensure that everything checks out as far as the property in question is concerned, and will highlight any underlying charges or developments associated with the property in question or those that may surface during the process. There are many things you may not be aware of as far as buying or selling real estate is concerned. Having a conveyancing solicitor by your side during this process will save you time, money, and unnecessary headaches.
Buying property involves various things like organizing surveys on the property in question, arranging a mortgage, and confirming all the legal factors of the purchase. A conveyancing solicitor’s job is to be there for you to ascertain that the ownership of the property in question is handed over to you correctly; that all required planning, permissions, guarantees, searches, and alternative procedures have been done, and that you take care of other necessary fees like the stamp duty.
Speaking of stamp duties, depending on where you come from, if it is the first time you are buying any property, and it’s below $400,000, chances are that you shouldn’t pay any stamp duty. A conveyancing solicitor will point out such things to you and ensure that you don’t waste money on anything that you shouldn’t.
There are various ways of getting yourself a conveyancing solicitor. You could open the yellow pages if you still live in the dark ages, or you could just go online and look around. It is wise to consider various law firms that specialize in this area and compare conveyancing quotes online. Variety will give you more options, and above all, the best price for the kind of property you are dealing with.
When it comes to selling real estate, you will have to consult a solicitor as soon as you get an offer you like for the property in question. Handing over the ownership of property can be a sophisticated process that incorporates a lot of research, negotiations, and ascertaining that if you are involved in a property chain, all parties are prepared to go through with the process before any transaction takes place. The conveyancing solicitor’s job in this instance will be to prepare all the necessary legal documents associated with the property transaction and draft the contract to hand over ownership to the purchaser. Once the transaction is over, your solicitor will take care of any mortgages and alternative expenses for you.
There is also remortgaging, which incorporates closing one mortgage account and opening a fresh one. This process needs a certain degree of legal work to be done by a conveyancing solicitor. Moreover, similar to domestic properties, buildings that have been categorized as for commercial use can also be sold and purchased. In such a scenario, a solicitor will prove invaluable in organizing all the details necessary for the transaction, and ascertain that on the off chance you are acquiring a leasehold property, it still offers the plasticity you may require in the future to conduct your business.
As you can see, a conveyancing solicitor is crucial when it comes to buying or selling real estate. There is nothing as frustrating as going through a long process of acquiring or selling real estate, only to discover that it was a scam, or the property you acquired is worthless, or you could have sold it at a much better price. A conveyancing solicitor will save you all this trouble and more. And that’s why, friend, you shouldn’t dare do it without one.