When a person buys a piece of land or a property from another person, the title of that property needs to be legally transferred to the name of the buyer, as soon as the deal is over. This legal process is termed as conveyancing and the buyers need to be aware of the stages of the conveyancing services, while they attempt to buy any kind of real estate property. An expert solicitor or a professional conveyancer can guide his clients in all conveyancing procedures, by explaining them all the steps of conveyancing thoroughly.
Most important stages for the completion of conveyancing transactions are:
- Stage prior to making the contract deed: When an interested buyer is offered a property from any real estate agent or directly by the owner of that property. The solicitor of the proposed buyer should check all the valid documents of that property thoroughly. This solicitor will also investigate about all the details of that property and its owner, from the real estate market and the neighborhood of that property. If that property is mortgaged to any financial company, the lender will be approached by the solicitor on behalf of his client, to know about the mortgage amount and other clauses of that deal.
- Contract exchanging stage: When the offered property seems to be perfectly okay to the buyer, as checked and certified by his hired solicitor; the seller of the property is asked to make a contract deed for selling out his property. Meanwhile, the solicitor of the buyer also makes the contract deed on behalf of his client, mentioning all the required clauses of the deed and finally decided price of the property. Then, both the parties meet on a scheduled date, sign their respective contract deeds, and finally exchange those contracts, in the presence of both their solicitors and the witnesses. This exchange of contracts legally binds both the buyer and the seller, after which none of them can cancel this deal anymore. At this point, the solicitor of the buyer hands over the deposit money of that property to the solicitor of the seller.
- Final stage for completion of the deal: The date for completion of the property deal is clearly mentioned on the contracts made for this conveyance transaction. On this prescheduled date, the buyer needs to transfer the rest of the cost price of that property to its owner. In case of the mortgaged property, the solicitor of the seller will deposit the mortgage amount to the moneylender company and pass the rest of the amount to its previous owner. Meanwhile, the seller should vacate that property, with all his personal belongings and the items of the house that are not mentioned in the contract to be sold with the property. Finally, the documents supporting the transfer of ownership of that property need to be handed to the solicitor of the buyer.
How to find out a competent solicitor for completing conveyance services
It is better to avoid hiring the solicitor recommended by the real estate agent, as he may not be so impartial to that agent. So, the buyer should check the list of local solicitors’ firms online and shortlist the ones, who seem to have sufficient experience in handling conveyancing services, as per the testimonials of their previous clients posted on their websites. As there are quite a number of solicitors’ firms in every city, the buyer needs to ask for quotes from all the apparently shortlisted ones and compare them, to finally hire the cheapest solicitor or conveyancer of that place.
The hired solicitor should be well knowledgeable to pay attention to all the minute details after the completion of the deal, to avoid any future legal hassles for his client, after he becomes the lawful owner of that property.