When you are about to buy a piece of property, whether it's a commercial property or a residential property such as a house, you will need to contract with a conveyancer to complete the sales process. If you are a first-time buyer, here are the answers to some important questions about the conveyancing process.
What Is the Legal Definition of Conveyancing? -- Conveyancing is the process by which a piece of real estate is transferred from one owner to another. So if you are buying land or a house, you would be known as the buyer, and the seller would transfer the title of that property into your name. That title transfer is handled by a conveyancer, who must register the change of title with the Department of Lands.
What Is the Value of Using a Conveyancer? -- Although some people choose not to use conveyancing services because they believe they can do the job themselves, a conveyancer is a trained real estate professional who knows the ins and outs of property law and title transfer. If you make a mistake in the process, you may end up paying thousands in legal fees, because you missed an important part of the legal title transfer. In addition, unlike your real estate agent, a conveyancer's only job is to ensure that that title of a property is legally transferred, so there is no agenda such as gaining a higher commission by hiding any aspect of a home's possible defects. If a conveyancer makes a mistake that results in an issue with the title transfer, the person's errors and omission insurance will cover any losses or fees that result from that error.
Are Conveyancers Legal Professionals? -- Although some conveyancers may also be solicitors or lawyers, most conveyancers are not legal professionals, and are not trained to provide you with legal advice. However, many conveyancers employ solicitors and lawyers to handle any legal issues that arise from the sale of a property.
What Do Conveyancers Mean By the Word 'Exchange?' -- In real estate parlance, 'exchange' refers to the date you sign the sale agreement to purchase a piece of property. This date legally binds you and the seller to the agreement, though there is often a 'cooling off period' of several days, in which you can change your mind about the purchase and invalidate the sale. However, if you do change your mind about buying a property for which you have already signed an agreement, you will typically have to pay some small percentage of the sale price as a penalty. You can also waive the right to a cooling off period if you are certain you will not have a change of heart.
Share14 December 2015
Do you have questions about consulting? Do you want to know how it can improve your life, your business or your future? Then, you need to check out my blog posts. My name is Roberta, and I love to write. I also faithfully read the business section of the newspaper, and I love explaining things to others. Together, those passions fueled my interest in starting this type of blog. I hope that you learn from these posts and the research that I have done, and I sincerely hope that this information helps you. In addition to blogging, I love working on computers, trying new recipes and spending time with friends.