In most cases, conveyancing is basically the transfer of a legal title to real property in one jurisdiction from one party to another, either by a sale of a lease, or an assignment or the granting of a right. A typical conveyance transaction has four main stages: the negotiation, the contract drafting and the drafting of the conveyance documents, and the submission of the final document to the relevant parties. However, there are a few other things that go into a successful conveyance transaction.
Conveyancing – what is it and how does it work?
The parties involved in the process should be aware of the legal requirements regarding the purchase, ownership and use of land and properties, including ‘estate’ law and ‘asset’ law. It is important to get all the relevant documents in writing and signed by the parties before they will be legally binding on the conveyancing agent. At this point, the conveyancer will take charge of the entire process and will work with the seller to prepare the relevant documents. These include the original purchase agreement contract, the title deed of the land, and the buyer’s disclosure document. The conveyancer is responsible for the preparation and submission of these documents in accordance with the legislation of the jurisdiction in which the property is located.
During the final document, the conveyancer will have to consider whether the deal can proceed legally, and if so, will be able to make the required changes to the contract without breaching the agreement. Once the agreement is approved, the parties involved can now begin the implementation of the contract. As the conveyance, it is your job to keep up to date with the progress of the project to ensure that the legal requirements are met, and that the document is not challenged in court.