The process of transferring legal ownership of property from one person to another is popularly known as conveyancing. This process ensures that the buyer gets all his rights to buy the desirable property while taking innumerable precautions to avoid any forgery or land scams. This process has taken care of all the legal hassles one faces during the transaction. There are several myths and beliefs as far as property buying is concerned, so it’s always recommended to understand the entire process first, before buying or selling property.
It’s no more scary to buy your dream house or sell some piece of land; thanks to property conveyancing system. This process involves: two parties, buyer, seller and their respective solicitors. There are different phases in which the deal progresses namely: pre-contractual, exchange of agreement drafts, between exchange and completion, completion and after completion. The buyer needs to understand all these phases in detail before buying any land or hiring any conveyancer. First, the buyer needs to finalize the property he wishes to acquire in a specific area. Next he needs to hire an experienced and licensed solicitor for the smooth completion of the deal.
First phase-Now its solicitor’s job to draft the pre contractual agreement as per his client’s need and send it to seller’s solicitor for approval. Second phase-After the settlement of the cost for the desired property, both the parties sign the pre contractual agreement and initial deposit is paid by the buyer. A final date of possession is given by the seller at this stage. Third phase-This is the most crucial stage where the buyer’s attorney will conduct a legal verification about seller’s ownership rights and mortgage free account. Fourth phase-Time to rejoice as this is the time when all the legal paper work is completed and both the parties happily exchange the contracts. At this stage the entire amount is deposited and the buyer gets the keys to his much cherished property. Fifth phase-During this stage after completion formalities are carried out. Buyer’s conveyancer will carry out the land registry and land duty tax formalities which means stamp duty is paid and ownership is officially transferred to the buyer’s name.
In the entire process of property conveyancing, the conveyancer needs to verify various things related to property. He needs to check if there is any dispute in relation to property, specifically with neighbors? Another issue may be concerned with the boundaries or facilities which will come with the property like parking lot or drainage. These are some of the issues that the attorney of a buyer should verify. The entire process is placed to avoid getting into any type of land scams and forgery issues; little knowledge helps to take legal precautions whenever required.
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A look at different phases of property conveyancing