Buying a home is both an exciting and draining process because of all the steps involved in it. Before you can move into your new home, you need to go through all the documents and legalities of the transaction. This can take several weeks to a couple of months. If you want someone to help you through the process, you need the help of an experienced real estate conveyance lawyer. Here’s everything you need to know about residential conveyancing and how it can help reduce your stress during the purchase process.
What is Property Conveyancing?
When buying a property, whether it’s a house or a condo, it needs to undergo the process of conveyancing, which is the process of legally transferring the title to property from one person to another. This involves a lot of paperwork and a lengthy process for both parties. For the sale to push through, both the buyer and the seller should be represented by their own conveyancing lawyer.
The Role of a Conveyancing Lawyer in the Early Stages
The role of a conveyancing lawyer depends on the type of property you’re buying, but they’re generally involved in every stage of the transaction. In the early stages, they mostly do the following:
- Drafting and reviewing of the Contract of Purchase and Sale.
- Conducting “due diligence” on your behalf. This includes searching title to the property to determine if there are any mortgages, outstanding taxes, liens, judgments, easements, rights of way, or other issues that might impact your property purchase.
The Role of a Conveyancing Lawyer as the Deal Progresses
The next stage of the transaction starts once due diligence is complete. This is the part where your conveyancing lawyer will start to collaborate with the seller’s lawyer, your mortgage company, the realtors, and your insurance company. This is in preparation for the transaction’s completion. Some of the other tasks your conveyancing lawyer performs in this stage include:
- Receiving and reviewing mortgage instructions from your lender to ensure financing conditions are met.
- Preparing all mortgage documents such as form B.
- Preparing two copies of all the necessary documents to complete your real estate conveyance.
- Sending those documents to the seller’s lawyer for the seller to review and sign.
- Consulting with you to review and explain all conveyancing documents before you sign.
Closing the Transaction
After all the back and forth exchange of documents, both parties are now ready to close the transaction. Once the closing is completed, you’ll now want the possession of the property. This will occur on a date agreed upon by both parties. On the date itself, your lawyer will confirm if they have satisfied the seller’s lawyer’s undertakings and that they are ready to give you possession of the property.
Your lawyer will then deliver the trust cheque to the seller’s lawyer in the amount stated in the contract. Finally, you’ll receive the keys to the property through your realtor.
Conveyancing can be a complicated and time-consuming process, whether you’re buying or selling a property. You need the help of a professional who knows the ins and outs of the process and leads you through all of the legal steps involved.
Dreyer and Associates Family Lawyers is a team of experienced professionals with more than 90 years of combined experience in the industry. Our team works hard to assist clients with matters involving family law, residential conveyancing, and wills and estates. If you need legal advice, don’t hesitate to call. Contact us today to schedule an appointment.