There are numerous processes involved in buying or selling a house. One of them is conveyancing, which covers the legal and administrative procedures. Conveyancing ensures that the ownership of the property is transferred legally from the seller to the buyer.
If you're venturing into a home selling or buying process, it is essential to understand how conveyancing works. That way, you will handle every phase of the transaction with utmost care and finalise it with as little stress as possible. Here is how conveyancing works.
Hiring a Conveyancing Lawyer
The first step in this process is hiring a conveyancing lawyer to help you complete the deal. Typically, the lawyer first seeks essential transaction details from you and issues them to the other party. The other party can decline the offer if the information you give is incorrect or misleading. Therefore, you must give your lawyer detailed and accurate information.
Conducting the Relevant Searches
If you're the seller, your lawyer will help you conduct the relevant searches to ascertain property ownership. They will then send the buyer the search documents confirming proof of ownership before preparing a sale agreement.
As the buyer, you also need to conduct your independent searches to know whether there are any matters you should be aware of before you put pen to paper.
Signing the Contract
After your lawyer sends all the documents to the other party, they will arrange a meeting to go through these documents and discuss any other issues that affect the deal. That includes insurance, mortgage payments, deposits, and wills, amongst other issues that may impact the purchase in the future.
Exchanging of Contracts
After everyone is comfortable with the documentation and details in the contract, both lawyers will organise an exchange of contracts. This stage usually signifies the seriousness of each party in the deal, and none of them can terminate the contract at this point. After exchanging the contracts, the lawyers set a day for the completion of the deal. At this point, the buyer must have the money to purchase the property.
Completing the Deal
When completing the deal, the buyer transfers all the agreed funds to your bank account. Then, you will hand over the legal transfer agreement and other property documents, which marks the end of the transaction.
The conveyancing process is not easy. Therefore, you need the assistance of a trained and experienced conveyancing lawyer. They will guide you in all the legal procedures involved in the transaction, minimising the possibility of errors and fraud.
If you need help with conveyancing, contact a business like West Legal & Associates.