Before we begin, here are some terms that will help you understand the conveyancing process;
• Lien- In legal terms a lien is a right to keep possession of a property belonging to another person until a debt owed to the owner is paid. An example of a lien is a mortgage; mortgages are a lien against a property.
• Encumbrance- A burden, impediment, or obstruction on a property that weakens its value or makes it less marketable.
• Mortgage- A legal document by which the owner (i.e., the buyer) transfers to the lender an interest in real estate to secure the repayment of a debt, evidenced by a mortgage note.
What is conveyancing?
Conveyancing is the legal procedure of transferring ownership of legal title of land from one person or entity to another. This procedure is divided into three stages;
1. Before Contract- The buyer or buyer’s representative, typically a conveyancer, contacts the seller or seller’s representative with a first draft of a sales contract. Stage one finishes when both parties have an agreed upon contract and a completion date is set.
2. Before Completion- Signing and exchanging of contracts takes place in the before completion stage. Upon implementation of the contract a deposit is placed from the buyer to the seller. Transfer documents are exchanged and checks are completed.
3. After Completion- The transaction is finalised and completed.
What is a conveyancer?
A conveyancer is someone that is licensed and qualified to provide service, advice, and documentation to a person who is seeking to buy or sell a property, and other legal procedures like updating a title upon the event of a death. Conveyancers don’t have to be solicitors but many of the best conveyancers are solicitors.
What does a conveyancer do?
Typically a conveyancer can help you with the following processes that are encompassed by the three stages of conveyancing;
• Prepare and clarify all legal documents
• Represent you to your buyer/seller
• Settle the property on your behalf
• Offer advice on all legal requirements
• Research and perform due diligence on all aspects of the deal
Why is it a great idea to hire a conveyancer for your deal?
Can you buy and sell property without a conveyancer? In New South Wales you can buy and sell property without the services of a conveyancer, but the real questions is should you buy and sell property without a conveyancer? The short answer is no, here is why.
Conveyancing is a confusing and delicate process at the best of times, let alone if one of the parties is trying to pull the wool over another person’s eyes and hide something about the property they don’t want discovered. Conveyancers are adept at performing due diligence for their clients and finding out everything that is relevant about a property so you’re not stuck with a legal hand grenade after you have dotted your I’s and crossed your T’s.
By hiring a conveyancer you are insuring that you are insulated against anything untoward and ensuring that everything is done to the proper standard and to the letter of the law. The little bit of money you spend on a qualified solicitor could end up saving you a lot of money and heartache in the future.
In conclusion
Conveyancing can be a murky area of the law that takes discipline and adroitness to fully understand. To ensure that your property deal goes off without a hitch, hire a professional conveyancer to take care of the leg work on your deal and get the very best outcome for you.
McDonnell Schroder Solicitors and Conveyancers offer the very best conveyancing services to our customers across the Western Suburbs of Sydney. We have over 50 years of experience providing our clients with the very best legal services across a wide range of specialities. If you have a query and would like to speak to a professional then get in touch with the team of experts from McDonnell Schroder Solicitors and Conveyancers at our Blacktown or Schofields offices or give us a call for a free consultation.
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