Real Estate Attorney Advice

Posted on: 26 January 2022

Conveyancing is the legal handover of property from one person to another. This process requires the services of a licensed conveyancer or conveyancing solicitor who represents the interests of the buyer and ensures that the client gets the title deed of the property. Conveyancing includes the administrative and legal work needed to ensure the purchase of a house is valid under the law in your jurisdiction. Often, you will hear the mortgage lender or conveyancer talking about the exchange of contracts. This exchange occurs through the conveyancers representing the buyer and seller, who ensure that both parties legally commit to the sale. For example, home sales are not legally binding until the buyer and seller exchange contracts, a process that needs a deposit. Both parties can cancel the transaction during this phase without incurring any costs. Once you exchange the contracts, you automatically lose the deposit you committed towards the transaction. This piece presents a few perks of having a conveyancer. 

Documentation

Conveyancing involves completing all legal documents that form your part of the real estate transaction. The documentation process might be cumbersome, especially your first sale or purchase. The conveyancer conducts different types of property and title searches. The search process is essential in gathering information regarding the property when buying. It is also necessary since the certificate of title and other documents let you see any existing limitations, such as caveats and easements. Such incumbrances can prevent you from using and enjoying the property as you wish. You can learn about them from the documents prepared by the conveyancer. 

Contract Review

Some agreements may include special provisions above the standard and general conditions of sale. Therefore, you need to understand such terms whether you want to sell or purchase the property. For example, the contract might contain a clause called 'subject to finance,' which should have correct wording. The clause might specify that the buyer seeks funding from a lender outlined in the contract or provides the person with the freedom to pursue any financier in the market. Reviewing such terms helps prevent you from restricting yourself to a single buyer. The conveyancer provides guidance that enables you to avoid such traps. 

Financial Adjustments

During the sale of a property, you pay council rates in advance for several months. In such a scenario, you want to retrieve such funds after settlement. The conveyancer is essential in helping you recover these funds. Conveyancers arrange for any adjustments needed for settlement. The conveyancer ensures that you only pay for costs related to the property until settlement occurs (when selling) and from that period onwards (when buying). A conveyancer thereby ensures that you account for every dollar once your property settles. 

Attending Settlement

The conveyancer must coordinate a settlement with the other side's legal representatives. This meeting includes the official property transaction and handing over all cheques and paperwork. Once the payment occurs, the conveyancer contacts you or your Realtor. This process marks the final stage in property purchases or sales. 

A conveyancer is essential in documentation, contract review, financial adjustments, and attending settlements. Contact a local property conveyancing service to learn more.