Buying and selling of real estate property is quite complex and is not as simple and straightforward as other asset purchases and sales. The biggest reason for confusion amongst consumers on issues related to conveyancing is because they have very little knowledge or information on the same. Therefore in this article apart from sharing some information about the basics on property conveyancing, we will also look at the finer aspects of this important process.
Property conveyancing or property settlement as it is also called in some quarters is all about ensuring smooth transfer of property ownership from the seller to the buyer. The reason why we need the services and support of property conveyancers is because there are a number of legal requirements that have to be complied with. There is the need to effect transfer of property in the books of the government without which the transaction will not be complete. This is perhaps the biggest area of challenge for customers and the role of conveyancers becomes very critical here.
They help in the entire legal aspects of conveyancing. When a seller offers his property for sale, the onus lies on the buyer to find out that the title of the property is pure and there are no legal shortcomings attached to it. Towards this objective it is very important to look up the property and legal documents very closely. If needed, the conveyancers also make a personal visit to the property to ensure that everything is in order. They pay special attention to easements which could come as a big surprise for the buyer at a later point in time.
The conveyancing team also helps in finding out the fair value of the property in question. Though the market could give reasonable good indication about the fair value, when the same is authenticated by a valuer or appraiser then it becomes legally authentic information. Additionally, valuers also go beyond the obvious and supply the buyers with lot of subjective pieces of information such as the amenities and facilities available, the quality of infrastructure in the neighborhood and so on. The valuation report also forms the main basis for fixing of new property taxes and also for finding out the stamp duty payable on the property.
Apart from the roles of these two individuals, there are also documentation specialists who work in close coordination with the real estate lawyers and attorneys. They help the lawyers to draft property and legal documents, vet them, prepare them and get them executed at the right place and at the right time. Hence, at the end of the day property conveyancing is the sum total of many heads working in unison.