When you purchase a property, of course, there is an overwhelming experience that you cannot handle yourself due to the complex details that are really needed to be handled by an experienced property lawyer who can properly guide you through the conveyancing process, however, what exactly is conveyancing that makes you confused?
Conveyancing is the legal transfer of the property from the previous owner to the new one or from one owner to another. Conveyancing is the process which involves conveyancing with a solicitor or a licensed conveyancer who will be acting on behalf of the property buyer so that they can ensure that their client will only receive, but the title deeds to the property they have purchased and also the land that it is situated on.
Conveyancing encapsulates the entirety when it comes to the legal and the administrative work that is needed in ensuring a house purchase which is valid under the law according to the best Australian technology communication solution for conveyancers and legal professionals.
When it comes to standard conveyancing practice, time will come that you can hear this word like mortgage lenders refer to as the official or the formal way or process of exchanging of contracts where the signed contracts are exchanged or transferred properly between the buyer and the seller of the property that is carried out with each of the party’s conveyancer under legal terms and under the rule of law as a clear and proper sign that the property for sale was already sold and was transferred properly to the new owner.
You can say that a house is not legally purchased and not legally bound until the contracts are already exchanged between the seller and the buyer which gives freedom to both parties before the exchange of contracts. A deposit is required which is roughly the ten percent of the entire purchase price is needed during the exchange of contracts and prior to this, either party can safely cancel the transaction without any constraints or complications either obligation to the opposing party considering that this can potentially increase the risk jeopardizing the lengthy moving chain of the entire process under the platform for conveyancing.
During the exchanging of contracts, the buyer, as well as the seller, are both committed under the legal terms and the law itself to the purchase and the terms that were agreed between them during the sale, and if you decide to pull out of the agreement during this stage, then you will lose the deposit that you paid upon the exchange.
The conveyancer can help you by liaising with the seller’s solicitor in order to receive a contract pack for the property for sale and at the same time make a request and obtain a copy of the mortgage offer from you. They can also carry out the needed local authority searches that are relevant to the property’s background and history and analyze the results of the searches.
They are also tasked to arrange the final date for both parties for the formal process of exchanging of contracts which will be observed or rather witnessed by both conveyancers from the two parties.