What is conveyancing? It refers to the process of transferring ownership of property from one entity to another, and the individual who handles this is the property conveyancer. He/She helps with settling the property title transfer. Whether you’re a buyer or a seller, you may want to hire a conveyancer since both parties have their own obligations to fulfill.
A property conveyancer plays a significant role in transferring ownership of a property.
So, what does a conveyancer do? Basically, he/she is in-charge of the end-to-end process of conveyancing. A standard process consists of several stages:
- Sign the Contract of Sale.
- Exchange contracts with the seller/buyer.
- Answer/Fill up the Requisitions on Title.
- Sign the Transfer of Land document.
- Manage the mortgage discharge.
- Handle the settlement.
They prepare the contract sale
One of the main responsibilities of a property conveyancer is to prepare the Contract of Sale. He/She should ensure that it covers all the special conditions, if any, needed for the title transfer. It’s better to have a complete contract than have to face issues and inconveniences later on. The conveyancer will also do all title and planning searches that come with the final statement, in accordance with applicable laws in your area or state. Ancillary documents may be prepared as well as part of the settlement process.
They give you legal advise
A property conveyancer will likewise give legal advice so you can make better decisions and understand the process. The legal advice will be specifically essential if there are any special conditions that the Contract of Sale should cover. He/She will also inform you about all legal documents that should be in place for the settlement. If necessary, the conveyancer can also reach out to your mortgagee so the property of the documents will be released on settlement day.
They arrange the final details of the Settlement
Another crucial role of a property conveyancer is arranging the final details of the settlement. This includes coordinating with the conveyancer of the buyer (or seller, if you’re the one who’s buying the property) about the time of the settlement. While it’s indicated in the Contract of Sale, both conveyancers can agree on a time that’s ideal for both parties. After the settlement, the conveyancer will contact your real estate agent so the keys will be handed over to the buyer.
A property conveyancer plays a significant role in transferring ownership of a property. If you need to hire one, make sure to do your research and ask questions about their experience and other important aspects.
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