The change of a legal title of a house or land occurs through a process called conveyancing. This process encompasses a series of activities that ensure the successful sale or purchase of items in the real estate sector. Conveyancers are professionals who specialise in this process and are valuable to your team. This piece discusses the importance of conveyancing.
Protection of legal rights
All parties in a transaction have individual rights, which the conveyancing process helps protect. For example, the law protects buyers from fraudulent activities such as selling property to more than one person without their knowledge. Similarly, the seller has a right to receive the payment amount in the period stipulated in the sale agreement.
The conveyancing process ensures that every party follows protocol and generally accepted ethics during the sale process. If you follow these procedures, there is less friction among the authorities, sellers and buyers. The process also allows you to explore amicable solutions to disputes between the parties involved in selling property.
Communication
The success of any transaction depends on excellent communication. All parties involved in property sales must sync and discuss issues as soon as they arise. For example, the seller should know the buyer's discussion and agreement with the lenders. This knowledge helps the seller gain confidence and commit to one buyer instead of entertaining different offers.
Solicitors act as the middle party and engage all parties in discussions affecting the transaction. The solicitor invites the buyer and the seller or their representatives to discuss the terms of the sale. Therefore, the solicitor ensures that everyone is attentive and dedicated to the sale. The solicitor discusses with each party individually and ensures the agreement reflects each party's wishes.
Documentation
Different documents are essential in ensuring property sale or purchase occurs within the law. For example, you require the original title deed, lease, or certificate to show property ownership. You must also prepare and sign documents showing your willingness to transfer land or a house and the consent of parties with a claim to the property in question.
Conveyancers are essential in the documentation process. The conveyancer ensures that the documents meet the required legal standard. For instance, contracts of sale must have witnesses. Conveyancers also interpret the clauses in these documents to prevent confusion as you transfer the property. For instance, you might want to know whether installations such as water tanks and gazebos are included in the asking price. Moreover, you need to know the amount the buyer needs as an earnest fee or the conditions that could prompt either party to cancel the contract.
