Understanding More About Property Conveyancing
July 21, 2014
While buying other types of movable and immovable assets are quite easy, when it comes to buying real estate properties it is quite complicated and much different to say the least. This is because there are a number of compliance related and legal issues that have to be taken care of. Hence, when people are planning to buy or sell real estate properties they would rather prefer to get it done with the help of professionals who are aware of the various conveyancing related matters. Let us get started by understanding more about conveyancing and why it is considered so very important and complex.
In plain and simple words, conveyancing is nothing but the sum total of the various processes and steps that have to be gone through before the ownership of a property gets transferred from one entity to another. Hence conveyancing cannot be looked at in isolation but has to be taken together. There are a number of professionals who are a part of this entire process. For example, real estate lawyers and real estate attorneys have an extremely vital and significant role to play. They help in all matter related to the legal standing of the property that is either being bought or sold. They ensure that the legal status of the property is perfect and it is free from encumbrances, easements and other such covenants that could hamper the undisputed title of the owners of such properties.
Further, there is also the important role of real estate valuers and appraisers that cannot be ignored. They play a vital role in helping the buyers and sellers to have the right information about the fair and correct market value of the property in question. This value helps the buyers in particular to take a considered view whether the property is worth buying or not. Additionally, it would also be pertinent to mention here that the valuers report also forms the basis for calculation of property tax and also for having a fix on the stamp duty that is payable when a property transaction takes place. There are also other documentations that need to be drafted, vetted and executed failing which ownership transfer will not be possible. Therefore, there is no doubt that conveyancers have a very important role to play.