For the first-time buyers and even the most seasoned players in the real estate business, conveyancing is the very first thing to undertake before signing a property deal. Most often, we jump at the first offer especially if it comes at unexpectedly low price. As a result, we often end up making a loss. By carrying out the procedures of conveyancing, you ensure that the deal is fair and there is no chance of legal troubles that you might get entangled with.
Here are a few tips for the first time buyers (the experienced property dealers too will benefit) who need to know about different aspects of conveyancing.
Sale contract is the first step of home sale. It needs to be completed first and only then conveyancing can be carried out. The process entails signing a contract paper by the prospective buyer. The paper details about a deal approved by the person selling the home. The conveyancer too is obliged to sign the contract so that the sale process can start. He is actually a solicitor who is responsible to scrutinize if all necessary clauses for property sale are included in the contract. If the agreement contains any omission or error, the solicitor gets the issues rectified.
After contract of sale, it is now time to initiate title searches. The conveyancing solicitor searches for the property titles in the same state where you have made an offer for property buying. If it is found out that the particular property has some previous conveyancing problems, he rectifies the nature of the problems before sale of contract terminates. If everything is found to be in perfect order, the conveyancer then moves to the actual phase of transfer of property title in your name on the date of settlement.
Scrutiny of Covenants and Easements
Another objective of conveyancing is to find out if the property in question involves any covenant or easement. Easements are detrimental to future value of your property. If such thing is discovered while conveyancing process is taking place, the buyer has every right not to proceed to the next steps of property purchase. If this happens, the sale of contract automatically elapses.
If your solicitor is satisfied with the background checking on the property and other important aspects described above, he then steps forward to settlement of agreement. This is the last phase of property buy and sale. The conveyancer takes time to prepare documents for transfer of homeownership.
Know about different aspects of home conveyancing