Let us try and find out the answers for the same over the next few lines. These are not only obligatory but they also have a legal aspect attached to it. Since all the processes of property ownerships have a particular time period, there is the need to complete the same within such timelines. Failure to comply with the timelines could result in penalties and at times the entire property ownership transfer process could also be put in a big problem.
The process of property settlement is quite lengthy and involves the role of many professionals. It all starts with the in principle agreement between the buyers and sellers to complete the entire transaction. Once this decision is reached either the buyer or seller or even both of them usually approach the property settlement agent or company. They sit with the customers and find out their exact requirements. Once an agreement is reached regarding the commercials and timeframe, the conveyancer sends out a formal offer letter outlining the various deliverables, the time lines expected, the documents required from the customers and last but not the least the commercials. The customer has to send across a formal acceptance and then the process of conveyancing gets ticking
It all starts with the lawyers getting a copy of all the legal documents. The documents are scrutinized thoroughly. In most cases the lawyers also manually inspect the property to ensure that there is no ambiguity as far as the legal status of the property is concerned. The important role of property lawyers apart, there also is the role of property valuers and appraisers who are mandated with the task of finding out the fair market value of the property in question.
While the above two professionals are the main persons in the entire process of conveyancing, there are also others whose roles are important. These include documentation staff and other support services personnel.