What is Conveyancing?July 29, 2021
When it comes to buying your first property, the conveyancing process can be overwhelming and difficult to navigate without assistance. Conveyancing is defined as the legal process for transferring property from one owner to another. The process typically involves a conveyancing solicitor or licensed conveyancer that acts on behalf of the buyer to ensure that their client receives the title deeds to the property they have purchased. Though the conveyancing process is complex, it is required by law to ensure that all documents and information are accurate. As experts in real estate and conveyancing, the team at Sidhu & Associates has provided some information on what conveyancing is and the conveyancing process to help buyers and sellers understand what to expect.
The Conveyancing Process
In most cases, the conveyancing process will proceed in the following order:
1. Choose a Notary or Law Firm
The conveyancing process can be long and complex without assistance from a licensed notary or real estate lawyer. It is strongly recommended to choose a lawyer or notary to handle your conveyance to ensure that all documents are properly filled out and filed.
2. Review all Information
Once they have all the necessary documents, your conveyancer will review all the required information for the purchase/sale of your home. This includes the property title, mortgages, outstanding taxes, and other charges that may affect the final transaction.
3. Prepare Your Documents
Once your documents have been reviewed and prepared, your conveyancer will then collaborate with your bank, insurance company, realtor, and the other party’s conveyancer. Two copies of all transaction documents are prepared—one for the buyer, and one for the seller.
4. Sign the Property Transaction Documents
Shortly before your closing date, you will need to meet with your conveyancer to sign the property transaction documents. Once the signing is complete, the property deposit will be collected from the buyer and processed. This step in the process is also known as an “exchange of contracts”. Once this step has been performed, both the seller and the buyer are legally committed to the agreed terms of sale.
5. Review all Documents and Perform a Title Search
Before the transaction is finalized and completed, every document is reviewed one last time and a title search is performed to check for potential issues. Once everything has been deemed to be correct and free of errors, the documents are filed.
6. Finalize Payment and Receive the Keys
Once the documents have been filed, the seller receives payment for their former property and gives the keys to the buyer or their conveyancer. The conveyancer will then file a final report stating that the property has been successfully transferred.
To learn more about conveyancing and how we can help, get in touch with the team at Sidhu & Associates. We can be reached through our online contact form and are ready to answer any questions you may have.