Selling or buying a house or any other real estate property, be it residential or commercial, involves complicated process and documentations.
Although there are non-solicitors who can do conveyancing functions, it is still best to have the transaction done under the supervision of a conveyancing solicitor.
The appointment of solicitor is usually undertaken after the offer price is accepted.
A conveyancing solicitor is one who is adept in property law.
Conveyancing pertains to all legal and administrative documents relative to the transfer of ownership of commercial or residential properties from one person to another.
As buying or selling of a house or building is a major decision, It is important to ensure that the transaction is legally binding and every detail is in order.
The solicitor sees to it that the process goes smoothly, effectively and quickly.
When a conveyancing solicitor is chosen, he will brief you with the legalities, his fees and the time frame for the completion of the transaction.
Once settled, he starts the process.
Whether client is the buyer or seller, one of the first actions of the conveyancing solicitor is to look into the property information form.
This will include the declaration of fixture, fittings and contents.
To determine if the property is legitimate, the solicitor will do his searches - checking if the property if legally occupied, not subject for redevelopments or not subject to any compulsory order.
Then the solicitor will check on the deeds.
If the client is a buyer, he will make verification with the lender or mortgagor, if there is any.
The drafting of the contract will ensue when the searches and verification are all in order.
All terms and conditions of the purchase will be detailed in the draft.
Then, the draft of the contract will be sent to the solicitor of the other party for comments and approval.
After the contract is approved by both parties, the date for the signing of the contract will be set.
On the agreed date, signing of the contract in the presence of the conveyancing solicitor will be undertaken.
On same date, the buyer pays the agreed down payment, usually 10% of the price.
The solicitor will set a date for the completion.
On completion date, the buyer pays the balance.
There are instances when the mortgagor credits the account of the solicitor, who in turn will transfer the mortgage proceeds to the account of the seller.
Once full payment is effected, the seller hands the keys to the property.
The buyer's solicitor hands the documents to the buyer's bank for registration, pays stamp duties when necessary and register the property in the title office in the name of the buyer If the solicitor is for the seller, he may receive the payment for the property through bank credit.
He will settle mortgage, if there is, and transfer the outstanding amount to the account of the seller.
He may also take charge of paying the real estate agent, in case there is one.
Transaction of buy and sell of property is fully accomplished, the conveyancing solicitors are paid by respective clients.
Although there are non-solicitors who can do conveyancing functions, it is still best to have the transaction done under the supervision of a conveyancing solicitor.
The appointment of solicitor is usually undertaken after the offer price is accepted.
A conveyancing solicitor is one who is adept in property law.
Conveyancing pertains to all legal and administrative documents relative to the transfer of ownership of commercial or residential properties from one person to another.
As buying or selling of a house or building is a major decision, It is important to ensure that the transaction is legally binding and every detail is in order.
The solicitor sees to it that the process goes smoothly, effectively and quickly.
When a conveyancing solicitor is chosen, he will brief you with the legalities, his fees and the time frame for the completion of the transaction.
Once settled, he starts the process.
Whether client is the buyer or seller, one of the first actions of the conveyancing solicitor is to look into the property information form.
This will include the declaration of fixture, fittings and contents.
To determine if the property is legitimate, the solicitor will do his searches - checking if the property if legally occupied, not subject for redevelopments or not subject to any compulsory order.
Then the solicitor will check on the deeds.
If the client is a buyer, he will make verification with the lender or mortgagor, if there is any.
The drafting of the contract will ensue when the searches and verification are all in order.
All terms and conditions of the purchase will be detailed in the draft.
Then, the draft of the contract will be sent to the solicitor of the other party for comments and approval.
After the contract is approved by both parties, the date for the signing of the contract will be set.
On the agreed date, signing of the contract in the presence of the conveyancing solicitor will be undertaken.
On same date, the buyer pays the agreed down payment, usually 10% of the price.
The solicitor will set a date for the completion.
On completion date, the buyer pays the balance.
There are instances when the mortgagor credits the account of the solicitor, who in turn will transfer the mortgage proceeds to the account of the seller.
Once full payment is effected, the seller hands the keys to the property.
The buyer's solicitor hands the documents to the buyer's bank for registration, pays stamp duties when necessary and register the property in the title office in the name of the buyer If the solicitor is for the seller, he may receive the payment for the property through bank credit.
He will settle mortgage, if there is, and transfer the outstanding amount to the account of the seller.
He may also take charge of paying the real estate agent, in case there is one.
Transaction of buy and sell of property is fully accomplished, the conveyancing solicitors are paid by respective clients.
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