3 Facts For Beginners To Know About Property Conveyancing
If you have been in the market for a new home and have found that dreamy property your heart desires, then congratulations. But hold up a minute — now comes the last legal process of transferring ownership from a seller to you in what is commonly referred to as property conveyancing. Conveyancing is a complicated procedure that entails administrative, financial and legal obligations that must be met by both a property seller and buyer. Such a transfer requires a legal expert to help a buyer navigate all steps. Here are a few facts for beginners to know about property conveyancing.
Hire a Conveyancer
When you are looking to acquire a property, you have to seek the services of a conveyancer. Most conveyancers are licensed legal professionals, particularly property attorneys. However, look for an expert who is experienced in offering advice related to buying and selling of property. An expert will oversee the settlement process, such as getting paperwork in order and filing all necessary documents with relevant government agencies.
Beginners might think that conveyancing is a simple process that can be handled as a DIY project. However, the process can be daunting and time-consuming. Therefore, why not let an experienced professional do the legal work for you at a fee? For homebuyers, conveyancing entails preparation and lodging of legal documents, such as a memorandum of property transfer and contract of sale. A real estate attorney is your best bet in preparing an agreement that captures your interests. Besides, an attorney will research a property to confirm whether it is in good standing with the law and local government agencies. For instance, a home should have a valid title. An attorney will also carry out other conveyancing tasks such as calculating taxes and rates that a buyer should pay before acquiring a property. Further, an attorney will transfer funds on your behalf to a seller's account and represent you when making other payments to third parties, such as agents and banks.
Beware of Right of Access
Before buying a home, it is crucial to determine whether you really have lawful access to the property or land. A prospective buyer should never assume that just because a property has been transferred to them, then they have the right to access it. A lawyer will research a property beforehand to establish if any restrictions exist regarding the right of way and advise a buyer accordingly. In some properties, private and public right of way might be restricted due to a host of reasons, such as the existence of endangered species on a property.