If you're buying your first home or if you simply haven't been privy to the process before, you should know that property conveyancing is integral to house buying. Property conveyancers undertake different kinds of actions to ensure clients meet their legal obligations during the buying and selling process. This guide equips you with knowledge of the role of property conveyancing professionals on behalf of homebuyers.
Preparation And Certification Of Legal Documents
Professional property conveyancers will start by preparing legal documents on behalf of buyers. This will include the memorandum of transfer and contract of sale. Apart from preparation of these legal documents, a property conveyancer will get the documents attested and certified by the appropriate authorities before the home is sold to the buyer.
Research Certificate Of Title
A property conveyancer will also do thorough research of the property along with its certificate of title, type of title and any other details that need to be addressed during the buying and selling process. The front of the certificate of title usually displays information about the land, including the name of the first registered owner and the history of the land. The current owner's details are also listed on the certificate of title. Once sourced, the conveyancer will begin the process of transferring the certificate of title to the new owner through the buying process.
Placement Of Deposit Money In A Trust Account
Your property conveyancing partner will place your money in a trust account before it is paid to the new owner, which means that your money is kept safe until the transaction takes place. A statutory trust account is managed by conveyancers to hold a buyer's funds safely. Having a conveyancer managing your trust account is a big benefit when you consider the restrictions imposed by financial institutions and banks to reduce fraud for large sums of money. The trust account is frequently audited and all financial transactions can only be undertaken with the consent of the homebuyer.
Settlement Of The New Property
Buying a new property entails a myriad of processes, which can be difficult for homebuyers to undertake on their own –– especially when it comes to preparing legal paperwork, loan dispersal and sourcing certificates of title. The property conveyancer also contacts the bank to direct them about making final payments and will calculate all the rates to be paid. A property conveyancer typically will eventually advise you when the property sale is settled.
Buying a property on your own can be daunting when you think of the number of steps and paperwork involved. A property conveyancing partner can ease the process for you.Share