What Exactly Is Property Conveyancing All About
July 31, 2014
Before we understand more about property conveyancing it is necessary that we have a clear idea that buying and selling of properties is not the same as buying and selling of other movable and immovable properties. This is because there a number of legal, administrative and statutory requirements that has to be fulfilled. This is not the case with other movable or immovable properties where too there would the requirement for conveyancing. Since the whole process of conveyancing that is involved in real estate buying and selling is so complex it is but natural for customers to outsource the entire activity rather than trying to do it on their own. Now let us understand something more in detail as far as the roles and responsibilities of conveyancing companies are concerned.
Conveyancing in plain and simple words is about the various processes that have to be gone through from start to end only after which transfer of ownerships of the property in question is possible. The process usually starts from the time both the buyers and sellers have agreed in principle to buy and sell the property in question. Unless there is a written agreement between the two main parties conveyancing would not be possible.
Since there are quite a few job and formalities that have to be gone through it is quite likely that as far conveyancing is concerned, there could be more than one service provider involved in the entire process. For example, the role of property lawyers and advocates is extremely important. Their main function is to oversee the legal aspects of the entire transaction. They perform the job of examining the property documents and ensure that they are legally pure, if one would like to use the term. They also look at the history of the property for at least a quite a few decades. This is to make sure that the property has changed hands from one owner to another without any break in the link. Further the role of attorneys and lawyers is to also ensure that there are no sudden surprises in the form of easements and other encumbrances.
In the same light the role of property valuers and appraisers is also very important. Their main function is to ensure that all the stakeholders are able to get a clear picture about the fair market value of the property in question. Additionally there are other professionals too such as documentation specialists, administrative support staff and others who also have a very vital role to play in conveyancing.
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.