Buying or selling property includes crucial legal formalities. It is very important for both buyers and sellers to smoothly transfer the ownership rights without any legal hassles. There is a large amount of paperwork involved in conveyance and people who don’t understand legal terms can find it difficult to handle it. Conveyancing is a process that entails legal and administrative framework in the transfer of ownership rights. The entire process can be quite complicated and therefore legal assistance is required.
Residential solicitors are responsible to complete tasks involved in the legal work like contract drafting, doing searches and looking after all the post-completion paperwork. It is very important to understand legal documents before signing and agreeing on the terms stated in them. This requires high-level of legal understanding and these solicitors know exactly how to do their job. They have legal expertise in handling property matters and can solve any kind of legal barrier in buying your dream home.
There are three key stages in the entire conveyancing process. First the pre-exchange stage, then the exchange of contracts and finally the completion stage. In the pre-exchange stage the initial draft contract is filled and exchanged between both the buyer and the seller for negotiation. It includes information like the cost, detail of both the parties and legal terms and conditions. It’s your solicitor’s duty to keep you updated and convey all the timely proceedings in the deal. Next stage is the exchange of contracts where both the parties successfully agree on all the terms and exchange the contracts. In this stage initial deposit amount is paid by the buyer. You or your family members may have certain queries that can be answered best by your solicitor. It is his sole responsibility to clear out all your doubts and queries during the deal. Another important part is conducting searches on the property. Any reputed and licensed conveyancer is authorized to conduct property searches to verify ownership rights and check if there are any pending disputes on the property. Final point is the completion stage. In this stage both the parties happily agree on all the conditions and sign off the final contract with the transfer of ownership rights. This is followed by post completion things like registration and paying stamp duty charges by the new owner.
Conveyancers are involved in the entire process and act just like a catalyst in speeding up all the formalities. They play a vital role in property transactions. It is recommended to hire a reputed and licensed conveyancer for your property conveyancing process.
Conveyancing solicitors play crucial role in home buying