A house is one of the most prized assets for any person. Some people have the luxury of selling more than one house in their lifetime. But for a majority of people, the biggest asset they own is their property. To put it simply the job of conveyancing solicitors in Essex is to make sure that you can get the key to your new house abiding by all of the laws.
What Is Conveyancing?
Entry Conveyancing Parramatta explain that conveyancing is a partially legal term that refers to the process of transferring ownership rights of a piece of property, land, or a building. Conveyancing refers to the specific legal demands that need to be met before any property can be transferred to a different owner. For a buyer, the conveyancing process continues until they receive the keys for the new property. The conveyancing process ends for the seller when they hand over the keys to the other party.
The different types of practices that fall under the umbrella of conveyancing are remortgaging, buying, selling property, and the transfer of equity. A transfer of equity occurs when an owner of a property adds or removes someone other than themselves to the legal register of a property. The conveyancing process begins when the two parties reach an informal agreement and exchange contracts.
What Is The Role Of A Conveyancing Solicitor?
Whether it is conveyancing Sunshine Coast or conveyancing in the UK – a conveyancing solicitor is a qualified solicitor that acts on your behalf when you buy or sell a property. In England and Wales, all solicitors must be registered with the Law Society. The Law Society regulates the profession of solicitors in coordination with the Solicitors Regulation Authority (SRA). The main role of the solicitor is to ensure that the transaction takes place legally ensuring that your interests are kept in mind.
A Conveyancing Solicitor Helps Buyers
You need to instruct a conveyancing solicitor to act on your behalf as you begin the purchase of a property. Ideally, the solicitor should be from the same region as the property you are purchasing. The solicitor will make sure that the seller has the legal rights of possession to sell the property. After this, the solicitor verifies facts about the property by making enquiries to the selling party.
The seller is under no obligation to reveal anything about the property unless asked about it. This is why the buyer’s solicitor needs to be proactive in asking questions about the property.
A Conveyancing Solicitor Helps Sellers
For a seller, the conveyancing process begins as soon as you accept the seller’s offer. The solicitor needs to have the paperwork for the property including the details of what will be transferred in the sale. The solicitor drafts an introductory sale contract and provides it to the buyers. The buyer’s solicitor can raise enquiries based on the initial sales contract.
The seller’s solicitor replies to these enquiries so that the terms and conditions can be agreed upon as soon as possible. Once all the terms and conditions are settled the final contracts are exchanged. Now both parties are legally obligated to complete the sale or forfeit the initial deposit. A day and time for the completion are agreed upon.
The contract is completed when the buyer pays the price and gains entry into the property. The seller receives the payment for the property and relinquishes possession of the property.
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