Though most of us would have come across the term property conveyancing, it is quite likely that we may not aware as to what exactly it means. So in this article we will try to find out what exactly it is all about and why it is considered so very important. Whenever a property is bought or sold, there are a number of important steps that have to be gone through. These steps have some legal, compliance related and statutory angles attached to it and hence each of the procedures and processes must be gone through perfectly.
There cannot be any room for mistakes and errors because such eventualities might jeopardize the entire transaction. Further, there are a number of technicalities involved in these processes and therefore one has no other option but to take professional help. It would also be pertinent to point out here that there are quite a few professionals who are a part of this entire process. Hence, it is important to take professional help without which it would be practically impossible to complete smooth and timely transfer of ownerships of properties.
Let us now look at some of the important professionals whose role is very important as far as property conveyancing is concerned. Let us get started with the role of property lawyers and advocates. Theirs is perhaps the most important and crucial task. They ensure that the legality of the entire transaction is beyond doubt. For example, they check whether the owner as mentioned in the property documents and what is shown in the government records are one and the same. Further there also could be some unknown surprises which could be hidden by the seller from the buyer. These could include easements that could jeopardize the correct ownership of the property in question. There could also be some other covenants and encumbrances that can be found out only by a close scrutiny and examination of the documents and also a personal visit of the property concerned.
Additionally, the role of property valuers and appraisers cannot also be ignored. As far as property buyers are concerned, there is no doubt that their role is very significant from more than one point of view. Apart from helping them to get a crystal clear idea about the fair market value of the property a professional and well researched valuation report also has many other subjective pieces of information that are extremely useful for the buyer to take a logical decision.
Buying and selling or real estate properties are not the same as buying other movable and immovable properties. While there is no doubt that there are procedures and rules to be followed when buying other assets, they are not as complicated and as difficult when compared to real estate buying and selling. The entire process is so complicated and complex that it will surely be out of bounds or understanding for first time buyers or sellers or even for other retail customers. Therefore there is nothing to be surprised about when the entire process of conveyancing is outsourced to professionals having experience and expertise in this field. Conveyancing can be defined as those processes and steps that have to be followed meticulously to ensure that there is smooth transfer of ownership from one entity to another.
This is easier said than done but when it has to be actually gone through there are a number of issues that need to be sorted out. There are quite a few government and other agencies that have to be involved in the process. Interacting with them getting thing moving is quite certainly a challenging task. The rules and regulations that have to be followed along the way are also quite complicated and ordinary customers would not be in a position to understand the same.
There are a number of professionals whose roles are considered to be very important and vital. They include real estate lawyers and attorneys, real estate valuers and appraisers and last but not the least the role of support service staffs and documentation specialists also is quite significant. There should be perfect coordination between the various professionals and there should also be seamless flow of information from one professional to another. Until this happens it would be delay the entire process and there could major slipups and errors which are not desirable. Further, timely completion of the entire process is very important. Towards this objective the onus lies on conveyancers to come up with a procedures and workflows that promise smooth transition from one process to another. Conveyancing is a typical example where well thought out automated back office procedures can certainly work out well. However, it has to be carefully considered taking a number of factors into account.
When we buy or sell a real estate property we have go through a number of processes and steps. They are very complicated to say the least. Quite certainly they are beyond the comprehension and understanding of ordinary customers. Unless we know what exactly are the functions of a real estate conveyancer we will not be able to gauge their importance and significance. Conveyancing is not one single step or process. It is a combination of various steps starting from the moment a customer decides to buy or sell a property. Each of the steps is handled by separate group of professionals and the steps are independent of one another. For example the role of real estate lawyers and attorneys is completely different from that of real estate valuers.
It would now be not a bad idea to try and work out the entire process flow pertaining to conveyancing. Whenever a customer approaches for help on conveyancing the service providers usually offer a check list which the customer is suppose to fill and send back. The questionnaire is quite easy to understand and fill up. It talks about the various documents and papers that might be required for smooth ownership transfer. It also talks about the kind of services that the customer wants from the service provider. It has to be understood that there are end to end conveyancing services or piece-meal services that are also offered. So the choice is left to the customer as to which option he would like to avail.
It is also very important to always look for a service provider who can handle the entire job end to end. It would not be advisable to go in for piece meal solutions unless it is absolutely essential. The various processes involved with conveyancing are very closely knit. It is therefore important to see that there is no loss of time or effort as one moves from one process of conveyancing to the other. There is also the need to ensure that any good conveyancer is supported by a group of support staff. This is again very pertinent and critical because a conveyancer’s job includes regular interaction and follow-up with the various authorities. There are also many documents that need to be examined, vetted. Draft agreements are also to be prepared which calls for spending lot of time and effort.
Those who have bought or sold real estate properties are the once who will be able to understand the importance and significance of conveyancing. For first time buyers and sellers it is quite possible that they will not have much idea about conveyancing. The fact of the matter is that as far as real estate buyers and sellers are concerned, a significant part of them are first time into such transactions. Hence, it is quite normal for them not the have the full understanding of conveyancing. However, it is very important and there are hardly any buying and selling of real estate that can happen without these processes being gone through.
Put in layman terms, conveyancing is nothing but the various end to end processes that should be gone through before the ownership of a property is transferred from one person to another. This is the perhaps the reason why it is considered very important and crucial. There are quite a few processes involved in it and almost each one of them are highly complicated and complex. It is beyond the comprehension and understanding of ordinary customers. This is the main reason why almost each and every conveyancing transaction is handled by professionals. Though some customers might have tried out doing it on their own, it is likely that they would have faced quite a few difficulties. This is because the whole process involves going through many legal issues which ordinary customers would not be able to understand.
There are a number of professionals who are involved in the entire process of conveyancing. They could range from lawyers and attorneys to real estate valuers and conveyancing support staff. Each of these professionals has a very important and significant role to play and their roles are interdependent on one another. For example, the role of a real estate lawyer will not be complete without the active support and cooperation of a real estate valuer and vice versa. Hence, there is always a need to look for the right group or professionals when looking for an end to end conveyancing solution. Many of the conveyancing requirements have some strict time lines and hence timely submission of reports and returns is also very important to say the least.
There are a number of administrative and legal works that has to be done when a house is being bought or sold. There are quite a few legal and statutory ramifications as far as these administrative and legal works are concerned. The entire process that involves quite a few tasks is referred to as conveyancing, which in fact is a loosely knit scope of functions and duties. The professionals who take care of the entire conveyancing related matters are quite a few in numbers. They could include valuers, real estate attorneys and other such professionals. Even real estate agents also form a part of this entire group.
These professionals play a big role in helping customer in buying or selling a property, getting the ownership transferred, helping the customers with regard to property tax calculation, stamp duty calculation just to name a few. They also conducted property searches, look up government property records for ensuring correctness and legality of all property related documents. They also play a big role in valuing of the property and ensuring that the seller gets his money into his account as soon as the entire process of buying and selling is completed.
They also play the role of consultants and counselors. They help educating the customers regarding the various steps that are required when a home is bought or sold. They also lay down the various services and assistances that could be expected from these professionals. Good conveyancing professionals are always upfront and honest about their fees and the time lines within which they will be able to complete the task for their customers.
Further when you deal with professional conveyancers you can be sure that your job will be done correctly, within a reasonable period of time and at the most reasonable cost. However, when looking for these professionals, you must ensure that you go through the right due diligence process. You must ensure that you are dealing with professionals who have the right kind of experience and expertise in this field. In your quest for looking at cost effective conveyancers you should not make the mistake of compromising on the quality of service. At the end of the day the stakes are too high for you to be bargaining for a few dollars as far as conveyancing fees are concerned.
The main objective of appointing various professionals under the entire gamut of process of conveyancing is to ensure that the interests of both the buyers and sellers are protected. As most of us would be aware there are many legal, statutory and compliance implications whenever a property is bought or sold. It is quite different from purchase of other movable and immovable properties. Hence, taking the help of the various professionals is extremely important. Let us try and find out some of the important tasks that could form a part of conveyancing.
Once there is a formal acceptance of the offer by the buyer, the first task that needs to be completed is to draw up a formal sale or purchase agreement. This is a legally enforceable document and hence has the drawn up carefully. Only qualified lawyers and attorneys would be able to do a good job of it. Since, as buyers and sellers the knowledge of drafting such agreements would be very poor, they have to fall back on these professionals to do a good job that protects the interests of both the buyer and seller. Hence, it is very common for both the buyers and sellers to appoint their attorneys. Their job does not end only in drawing up agreements. It also includes looking up various documents, going in for search reports, and even physically visiting to property site to check out the presence of easements and other covenants.
Apart from lawyers and attorneys, there are real estate valuers who also have a very important role to play. Their job is to ensure that both the buyers and the sellers have correct knowledge about the market value of the property that is either being bought or sol. This is important information based on which lot of financial and other decisions is taken. It is also pertinent to mention here that apart from the value of the property, this report also plays a role in determining the property tax payable and also for fixing the stamp duty applicable.
There is hardly any doubt that there cannot be any buying or selling of transactions without the active help and support of conveyance professionals. Conveyancing is a very broad term and includes in its gamut a lot of activities. It could range anything from arranging the various documentation that are required for execution of sale deeds to investigating in the property in question and ensuring that everything is in fine fettle. Whenever there is a need to subdivide a land or make changes in the government records pertaining to registered owner of a property, the role of conveyance professionals becomes very important.
Now coming to the responsibility and indispensability of conveyance professionals, there are quite a few reasons for this. Whenever there is a need to prepare a memorandum of transfer or prepare the legal documents (sale deed or purchase deed) the same cannot be done unless there is an active support from the conveyance service provider. Further if there is an easement that either needs to be modified, removed or changed the role of conveyancing professionals becomes very important.
In many cases conveyancing is all about representing the case of the buyers with the sellers and ensuring that the interests of the buyers are protected at all points in time. In this regard it would be pertinent to point out here that valuation forms an important part of any real estate property transfer transaction. On quite a few occasions the conveyance themselves double up as valuers and ensure that a fair representation of the property is made. Hence taking the above points into account there is no denying the fact that the role of conveyancing professionals is extremely important. Hence, the onus is on us to try and find out the best professionals after carefully considering their overall experience and expertise in this area. Identifying the right conveyance is at the crux of ensuring smooth transfer of ownership from one person to another