Residential conveyancing is the legal process of buying or selling real estate. It refers to transferring the title of a property from the previous owner to the new one. This whole process can only be performed by a property conveyancer.
Dreyer and Associates Lawyers LLP shares what you need to know about residential conveyancing, so if this is something you are interested in, read on and learn more about this topic:
The Key Stages of the Purchase Process
Getting/Giving a Quote
Residential conveyancing fees are based on the type of property. The conveyancer will provide you with a quote after assessing the property and the situation.
Issuing Memorandum of Sale
The conveyancer will issue a memorandum of sale after agreeing to a quote and signing a contract. It allows the conveyancer to proceed with the deal legally.
Opening the Purchase File
The conveyancer will also open a purchase file on the client’s behalf to ensure smooth progress.
Receipt of Contracts
The conveyancer will review the documentation and ensure that the client has all the necessary documentation to proceed with purchasing the property.
Checking of Title
When the buyer and seller have settled on the sale, the conveyancer will check the property’s title and ensure that you have the correct to buy the property.
Performance of Searches
The conveyancer will also perform a search of the property to ensure that the seller has all the rights to sell the property.
Once the conveyancer has confirmed that the buyer is legally entitled to settle on the property, he will then submit a mortgage offer for you to the lender.
Provision of Legal Advice
A conveyancer also must provide legal advice to his clients. In other words, he will be giving you suggestions and recommendations on how to go about dealing with the property.
Stamp Duty Payment
This is the process of paying stamp duty. The law requires an additional fee for the transfer of property titles. This fee is based on the property value and is paid to the government.
The conveyancer will also take care of the stamp duty payment.
Collection and Transfer of Funds
The conveyancer will also be collecting and transferring funds for the transaction. This means that he will be receiving any deposit monies from the buyer and then depositing the same to the bank following the terms and conditions of the agreement between the buyer and the seller.
Exchange of Contracts
When the buyer and seller reach an agreement, they will exchange contracts with each other. After this, the conveyancer must ensure that the buyer pays the deposit and issue the transfer of title.
When the buyer pays the property’s total purchase price, the conveyancer will then issue a completion. According to conveyancing law, the buyer can only take possession of the property after completing the sale.
After the completion of the property, the conveyancer will take over your file. He will be managing it to ensure that your property is secure and in good condition. This is to make sure that you will not have any future problems.
Residential conveyancing is a legal process that requires many different methods to be carried out for you to be able to purchase a property. Understanding how the process works will help you get a realistic idea of what you should expect when buying a house.
Dreyer and Associates Lawyers LLP can help you with your residential conveyancing needs and requirements. If you need help getting a quote for your property in the Fraser Valley of BC, or would like to know more about our services, feel free to contact us at a time that suits you!