Conveyancing Solicitors 101
Conveyancing involves transferring the legal title of property from one person to the other. It is vital to have a licensed solicitor by your side when buying or selling property. Understanding the process of conveyancing and how a lawyer can help will make it easier for you during the purchase or sale of a house.
Drawing Up Documents
The primary role of a conveyancer is to help you prepare legal documents for the buying or selling of property. If you are selling your home, a conveyancing solicitor will help you develop a contract of sale and make sure that the special conditions you want are included in the final agreement. Additionally, when selling property, you will require a vendor’s statement. A conveyancer will perform a title search and make sure you satisfy all the disclosure obligations that are relevant to the laws in your state.
Conveyancers also prepare transfer documents if you are looking to buy property. These documents ensure the property is legally and rightfully transferred to you. Solicitors perform a series of legal searches to ensure you get all the necessary information regarding your home. These details are recommended by your lawyer to avoid court disputes in the future. Mortgage lenders also require this documentation to protect them from liabilities attached to the property.
Legal Advice
The crucial role of a solicitor is to perform the legal work required to assist you in making the right decisions. If you are selling, your lawyer will advise you on the conditions to include in the contract of sale. For example, you may want to have the settlement date coincide with the purchase settlement of another property if you are buying and selling at the same time. Your lawyer will also instruct you on what documents you need to submit to buyers when transferring ownership. If you are buying property, your lawyer will break down the terms and conditions of the contract of sale. Your solicitor will notify you of any restrictions, statutory forms, or details you need to consider before signing the contract of sale.
Exchange and Completion
After all the legal requirements regarding property transfer have been met, your lawyer will help you go through the exchange and completion stages of the transaction. At the exchange stage, the solicitor will oversee the signing of contracts and the transfer of a deposit (usually 10% of the total sale value) to the vendor. Finally, your lawyer will be present to negotiate on a completion date of the contract. At this stage, the remaining balance (usually 90% of the total sale value) will be submitted hence completing the purchase or sale.
Summing It Up
It is crucial to have a conveyancing solicitor when going through the purchase or sale of property. While you may intend to save money by undertaking the process on your own, to avoid serious legal implications of contracts of sale or failing to meet certain legal obligations, it is necessary to work with a lawyer. From the drafting of documents, legal advice, to exchange and completion, you will find the services of a conveyancer indispensable whether you are buying or selling property.