According to the governing law, conveyancing means the transfer of legal title of a property from one person to another. Conveyancing has two major steps: the exchange of contracts and the second step being the settlement of the deal.
The sale of land is moderated by the laws and use of the jurisdiction in which the subjected land is situated. It is a legal obligation in all jurisdictions that contracts for the sale and purchase of a piece of land in writing. An exchange of contracts includes 2 copies of a contract of sale being signed, one copy of which is kept to themselves by each party. When the two parties are together, both would generally sign both copies, one copy of which being held by each party, sometimes with a non-casual handing over of a copy from one party to the other involved in these deals.
A certified Licensed Conveyancer must be over twenty-one and must have cleared all the exams of the Council for Licensed Conveyancers. Many Licensed Conveyancers work for practicing under Solicitors although after three years of practice they may set up in practice in their own rights.
A Licensed Conveyancer may advise you on the buying and procedure of property and tips including drafting contracts for sale, dealing with the registry of land and Local Authorities and undertaking the conveyancing procedure on behalf of their clients. They carry different set of duties and they are bound to take decision that is fair. Hence, it is their duty to examine things closely before reaching a verdict.
What are the roles of a conveyancer?
The role of a conveyancer is just like an agent. They act as an agent and act on your behalf in the sale and purchase of land and transfer of its title. The role of a conveyancer is as follows:
Reviewing and analyzing your sale of contract
Preparation of section 32
Ensuring that you get prepared for critical dates
Preparation and compilation of all the relevant documents
Ensuring that your bank is ready for settlement in case of mortgage
What is a conveyance deed?
A conveyance deed is a legal form of transferring legal rights of ownership and immovable property from one person to another in a given period of time within a particular set of guidelines. A sale deed is a kind of conveyance deed where property has to be sold by one person to another. Apart from the sale, other kinds of the transaction are also acceptable – gift, mortgage, lease and exchange of property. However, all these along with sale are kinds or ways of conveyancing involved in the exchange of property titles.
A conveyancing deed is essentially something wherein the seller of land transfers all rights legally to the owners who possess and enjoy a particular asset, immovable or properties. In this case, the assets under consideration are immovable properties. Just as once the registration is completed, the transfer comes into the public domain. The Government receives its revenue in the form of stamp duty and fees for registration and at this point, the process of conveyance is officially over, and no further step is to be performed.
The purchase and sale of property take a lot of organizational activities. To ensure that you are fully prepared, you need a legal advisor as your personal assistant. A conveyancer is basically all of these in one, with a title that rolls off the tongue with more ease. Conveyancing is the procedure, following which you may perform a fair exchange of land in return for consideration.