I believe many of you have heard the word conveyancing but do you know what it means? Hopefully this sharing can help you to some extent to understand what conveyancing is
Conveyancing is the process of transferring ownership of property from one party to another. It can be involve a number of different step, from preparing the paperwork's to conducting the actual transfer .
Conveyancing is the process involved in buying and selling property, and it usually involves a lot of paperwork and can sometimes involve the use of a solicitor. It is process of transferring land title from one owner to another through a legal document called title deed. The legal process of transferring ownership of property is called conveyancing or ' real estate law'. When buying or selling a home, it is an important part of the process to have and experienced conveyancer involved, as they can help to make sure that the process goes smoothly and quickly.
Once the offer accepted and the parties have signed the contract, the conveyancing process begin. The buyer's solicitor will start by asking the seller's solicitor to provide them with information about the buyer's financial position. They will also request any documentation necessary to complete the sale, such as bank statements to prove that the buyer has the funds to buy the property. Once this information has been received, the solicitor will prepare the contract to sell the property for both party to sign. The contract will include details of the sale price, the date on which it will be signed and any other terms and conditions agreed upon by both parties.
There is normally a fee charged by your legal representative or a conveyancer if selling your property when buying a new home. You will generally be required to pay deposit which is usually two percent or 10 percent the amount of the purchased price and the balance of the purchase price when the contracts are exchanged and you move in. There may be other fees involved including local authority searches and land registry charges which are normally paid on completion either by vendors or the purchasers and generally are not included in the price of property.
A grant is a written legal document which states the new owner's name(s) as the official owner(s) of a property. It is used as evidence of ownership and the name and address of the person or persons named on the grant are used to establish title and register it on public land registries. When a property is purchased, the title of the property is transferred from the original to the purchaser. The title is transferred from the previous owner by way of a transfer deed. This deed contains the detail of the property and the transferor name(s). The vendor must sign the deed in the presence of a Solicitor or Conveyancer as it is then registered at the Land Registry Office in order to establish the title of the purchaser. This process ensures that anyone purchasing the property is entitled to it. It acts as a guarantee to the vendor that they are entitled to sell the property and that no other person has to claim it.
It is hoped that this article will help you to better understand this process. If you have any questions, feel free to contact us and we will be happy to help you.
Natasha & Co
Advocates & Solicitors I Peguambela & Peguamcara