3 Different Types of Legal Conveyancing
People buy and sell properties daily. That makes it essential to learn and understand the various types of legal conveyancing that there is. Generally, legal conveyancing is a preventive measure necessary when purchasing or selling property. You can relax knowing you have purchased or sold a property through the proper channels with a qualified legal conveyancer. The expert ensures there will be no repercussions later in the future.
Deciding to undertake the transaction process solo means you will have no legal recourse against the other party. Even the mortgage company cannot accept such a transaction. Read on to learn the three types of legal conveyancing.
1. Buying a Home
Whether you plan on buying an old home or a newly build one, you need to involve a conveyancing expert. The expert helps you conduct the much-needed search that shows the legal owner of the property. Apart from the search, you will also need a survey report confirming the status of the property. If it is a property occupied by tenants, you should know your rights and those living there by perusing the tenancy agreement.
Once everything is sorted, and you are happy with the findings, you and the seller need to agree on the completion date before exchanging contracts as well as transferring the deed and money. Having a conveyancing lawyer makes these procedures much more manageable.
2. Selling Your Property
When your land or home is on sale, and a potential buyer has presented themselves, it is time to seek conveyancing services to kick start the selling process. Once again, you will need a search performed to show that you are the legitimate owner.
The conveyancer ensures the buyer has enough funds as quoted in the price tag. Additionally, a proficient solicitor will enlighten you on the various legal issues that may affect the sale to enable you to make sound decisions.
Your conveyancer will then need to draft a sale contract that will be given to the buyer's lawyer. Keep in mind that the lawyer is not only in charge of the transfer of funds but also in paying the mortgage and the real estate agent. At the end of the sale transaction, they will issue the buyer the title deed.
3. Transfering Equity
Transfer of deed occurs when you want to add or remove someone from the property's title deed. Such situations are common during marriage or divorce. During the transfer, the name of the original owner must remain on the title. In this scenario, a conveyancing lawyer ensures that you are doing everything correctly. They prevent potential errors that could come haunting you and the other parties involved, in the future.
When you face any of the situations discussed above, hiring a conveyancing expert is advised. The experts understand the intricate details of the home buying and selling process, so they will help you get through the transaction swiftly and smoothly.