Is conveyancing mandatory and is there a need to look for professionals for making conveyancing happen smoothly? These are some of the questions that keep coming to our mind. The answers to this question is an emphatic “yes”. Conveyancing without any doubt is one of the most important and mandatory processes of steps without which transfer of property ownership would be difficult and even impossible. Hence given the importance of these processes and steps it is considered very necessary and obligatory. Let us over the next few lines try and find out a few reasons why there is so much importance and significance being attached to property conveyancing.
First and foremost, one has to understand that buying a property is not like buying any movable or immovable assets. It has a number of legal, compliance and statutory angles attached to it. Not following the same could be fraught with danger and risk and could even jeopardize the entire transaction. Therefore it has to be done with lot of care and caution and it best left to professionals having the required experience and expertise. Further there are strict timelines attached to these processes and the same have to be adhered to in letter and spirit. Delay could result in heavy penalties and also could put the entire property ownership process at risk.
Further one has to bear in mind that property conveyancing is not restricted to a single task alone. It is a combination of various processes and there is the need to involve many professionals in the same. For example while on the one hand the role of property lawyers is very important, on the other hand the role of property valuers and appraisers is also of great significance. Hence, as customers we cannot afford to choose one over the other. Further the entire process of conveyancing is very important because it is usually handled by one service provider. This makes the job easier for both the customers and service providers.
Once a lawyer has completed the entire legal scrutiny and examination of the property, the job of property valuer becomes important. He plays a crucial role in giving the right information regarding the fair market value of the property in question. This value is not only very useful for the buyers and sellers. Even government authorities make use of this report. It is the main document based on which property taxes are calculated. Even stamp agreement value is also dependent on these valuation reports.
Buying and selling a real estate property is not the same as buying other movable or immovable properties. It is much more complicated and there are a number of rules and regulations that have to be followed. There are also many legal aspects that have to be taken care of only after which will the ownership of the property be transferred from the seller to the buyer. The reason why most customers outsource the entire property conveyancing jobs it because of the sheer complexities and difficulties associated with it. The room for errors is not there and any such mistakes and errors could cost heavily both the buyers and sellers. Apart from the above general reasons, it would also be worthwhile to have a closer look at the various other specific reasons why it makes sense to hire a real estate conveyancer.
Let us now look at the important role of real estate lawyers and attorneys. Their main role is to legally examine the property documents and ensure that everything is fine. They do not do a cursory examination of the property documents. In fact they go a step beyond and also take the trouble of looking up the property physically and ensuring that everything is in order. They pay special attention to hidden surprises in the form of easements, covenants and other such encumbrances. These impediments may not be visible to the naked eye and it calls for a concerted effort involving scrutiny of documents and physical visit of the property.
In the same light the role of property valuers and appraisers is also very important. It is often considered as important as that of property lawyers. Their main role is to ensure that the buyers and sellers are able to get the most accurate and authenticated information pertaining to the fair market value of the property that is either being bought or sold. This information is very important because it forms the basis for calculation of property tax and other levies if applicable. It is also the main document based on which stamp duty payable while executing agreements are calculated.
Hence, going by the above few examples there is hardly any reason not to believe how important and how vital the role of property conveyancers is. It is quite certain that smooth property ownership will never be possible without the active support of these professionals.
It is a known fact that buying and selling of real estate properties is not the same as buying and selling of other movable or immovable properties. There are quite a few legal and other steps that have to be complied with before ownership gets transferred from the seller to the buyer. Without these steps being gone through it would be virtually impossible to get ownerships transferred from one entity to another. Hence, conveyancing is all about the various processes that help in smooth transfer of property ownership. Because of this important fact, it is considered extremely important and almost indispensable.
Further, it is very normal for all of us to seek professional help when it comes to conveyancing. This is because there are very complicated steps that have to be encountered. Since each of these steps have legal and other implications, it is important that it is done accurately without any mistake. Since, most of the customers do not have any idea about the various processes they have to depend on third party professionals to do the job for them.
Apart from the legal processes, it is also important to understand that without the help of these professionals and without conveyancing, many property buyers could find themselves in the wrong end of the entire transaction. Many buyers have bought properties without realizing that there are quite a few problems associated with the same. These could include easements, covenants and other encumbrances which could put a spoke on the undisputed title of the buyer. Hence, the buyer could end up losing thousands of dollars in the bargain and could even themselves devastated.
In the same light sellers are also stand to benefit by taking the help of these conveyancers. They play a big role in helping them to complete ownership transfer smoothly and within the stipulated time period as mentioned in the agreement. They also help in realizing the payment from the buyer and ensure that it is seen to the credit of the sellers’ banks account. Further the role of valuers who are also a part of conveyancing is also very vital. They help the buyers and sellers to get the right information about the fair market value of the property that is being transacted upon.
Many customers are of the opinion that conveyancing as a service is not very difficult and it can be handled by them without taking professional help. However only when they actually get into the job would they be able to understand the various complications and complexities associated with it. This is because unlike buying other assets, when you decide to buy or sell a real estate property there are many legal requirements that have to be met. Understanding legal terminologies and phrases is out of bounds for most ordinary customers. Further there are also a number of agreements and other documents that have to be prepared which practically would be impossible for ordinary customers. This is the main reason why it would be wrong to mention that conveyancing is a choice rather than a need. It is without doubt a need that cannot be brushed under the carpet.
To understand the importance of conveyancing better, it is important to also have a closer look at the various professionals who are a part of the entire process. Though the list could be quite big, we will have a look at a few important professionals. They are the real estate lawyers, valuers and conveyancing assistants or helpers. Each one of them have an important and unique role to play and are most irreplaceable considering the important roles that they play.
The role of lawyers is perhaps the most critical and vital for smooth transfer of ownership from one entity to another. This is because they handle the various complicated legal matters which are crucial to say the least. They conduct searches of the various property documents and also physically visit and measure the property to ensure that everything is in order. They also play a big role in finding out whether the property suffers from any easements, covenants or encumbrances that could adversely impact the undisputed ownership of the property. They also play a very vital role in the entire documentation process ranging from drafting agreements, vetting the same and finally getting it executed with the relevant authorities.
The role of property valuers is also important because they help the customers to have a clear picture about the fair market value of the property that is being bought or sold. They also help in other subjective pieces of information which could be very valuable for the customers.
Buying a real estate property is quite different from buying other movable and immovable properties. There are several reasons fro this. First and foremost, the monetary considerations involved in a real estate buying or selling transaction could run into thousands or even millions of dollars. Secondly, there are a number of legal, administrative and compliance related issues that have to be fixed before the final ownership transfer process takes place. Since there are many legal aspects involved in it the whole job is highly confusing and is certainly out of bounds for those who are not experienced in it. Unless these processes are gone through it would be almost impossible to get ownership transferred from one person to another. Hence the opinion that properties can be transferred without seeking professional conveyancing help is born more out of ignorance rather than anything else.
Now that we have a reasonable good idea about the importance of conveyancing, it would be interesting to have a closer look at the various activities that take place behind the scene before the actual ownership transfer takes place. Whenever a customer wishes to buy or sell a real estate property, it is important for him to look up the property documents from a legal point of view. This is not easy and can be done best by professional real estate lawyers and advocates.
In the same way there could also be the need to value the property that is either being bought or sold. This is very important especially for the buyer because he would like to have a clear idea about the fair market value of the property that is being purchased by him. Towards this objective the role property valuers is extremely important to say the least. While the valuation report gives the fair market value of the property there are also other subjective pieces of information in the valuation reports that could be useful to the buyers. Hence, valuation, which is very much a part of conveyancing is extremely important. There are also many other administrative matters and documentation processes which are again quite complicated. Hence, it is important to take the help and assistance of conveyancers end to end for smooth transfer of ownership from one entity to another and there cannot be any two opinions on this.
Buying and selling a home is easier said than done. There are a number of important points that should be considered and unlike buying and selling of movable and immovable properties there are quite a few legal, administrative and compliance related matters that needs to be adhered to. Further, it is also important to note that all these are highly technical and complex tasks. If you are a first time buyer or seller it would be almost impossible for you to get these jobs done on your own. Hence, if you come across customers who say that hiring conveyancing professionals is a waste of money, you could be certain that they are talking out of opinion rather than facts.
Let us get started with the job of understanding what conveyancing is all about. In plain and simple words, it is about the entire legal, administrative and other processes that have to be gone through before the ownership of a property is transferred from one entity to another. There are a number of professionals whose help has to be sought before the ownerships are transferred. The main contributory roles are played by real estate agents, real estate attorneys and lawyers and last but not the least the real estate valuers or appraisers.
While the agents help in identifying the right apartment or home for purchase, the attorney have an important role to play as far as the legal matters of the property are concerned. They conduct property searches, visit the property and physically take measurements of the same. They also play a big role in identifying the lurking presence of easements, covenants and other such encumbrances that could come in the way of free and undisputed ownership of the properties in question.
On the other hand, the role of valuers is also equally important. They help in finding out the fair market value of the property in question. The valuation report submitted by valuers also has other subjective pieces of information that are also very valuable to the stake holders. Additionally good conveyancers also play the role of counselors and educate the customers regarding the various points under conveyancing and why they are so important. Hence, taking the above factors into account there is no denying the fact that conveyancing is extremely important when one wants to either buy or sell a home.
Many buyers are of the understanding that buying a home is all about identifying the right property, having a look at it, paying and money and taken possession. While from the surface it might look so simple, it actually is not. There are a number of legal, statutory and compliance related issues that need to be gone through. We will try and understand more of it over the next few lines.
The entire process of conveyancing must be completed before the actual sale takes place. A sale is supposed to be complete when all the processes have been completed to the satisfaction of both the parties. It is also about the proceeds being realized by the seller and the buyer getting unhindered, full and undisputed ownership of the property that he has purchased.
The role of lawyers, attorneys and real estate valuers are very important for the entire conveyancing process. For example, when a property is being bought, it would call for scrutiny and examination of the legal documents, personal visits to the property site and measuring the same just to name a few. It would also call for drafting and preparing legal documents, having them vetted by both the parties and then executing them in the court of law to give a legal sanction to such documents.
Conveyancing also includes the process of valuing the property that is being purchased. Valuation is very important because it allows both the buyers and sellers to get a fair idea about the actual market value of the property. The valuation report has a lot of legal strength associated with it. It forms the basis on which banks lend home loans, it is the main document which helps to calculate the property tax payable. It is also the document which helps in determining the stamp duty payable on such purchases.