You have finally made the decision to buy that house; either to move there or for commercial purposes. The process of getting that property - also known as conveyance, can be a hectic one. Among the many challenges you face, misinterpretation of clauses on the property deed is one of them. That is why a solicitor plays a vital role in ensuring that every detail in the transaction is in order. You actually transfer the risk to to this professional and your responsibility becomes preparing for your move.
The conveyance process involves a few steps as follows:
Preliminary
You identify a property you like and get in touch with the seller for more details. You then organize for a site visit where you get to tour the property and see what is on offer. You are now in a position to make a counter-offer of the selling price and negotiate the terms.
Verify validity
The buyer hires the services of a solicitor who will follow up and do searches to verify that the title is valid. If there are objections to the title, the information is delivered to the two parties. The solicitor is tasked with ensuring that everything is in order. Their services shield the buyer from fraudsters, who have infiltrated the property market, and from engaging in any form of illegal activities.
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Sign sale agreement
Once you have the green light that the property is duly registered and based on what you were able to negotiate, a sales’ agreement is drafted. The buyer and seller both sign it as does each of their advocates who acts as the witness. The two parties each retain an advocate who would act on their behalf in case of a legal tussle.
Handing over
After registration of the property in the buyer’s name, they pay the balance. After this, the seller hands over house keys and all other legal ownership documents to the new home owner. And you are now free to move in and occupy the new premises.
Co-ownership
Where a financier is involved, the registration documents are also take their details into consideration. The property is co-owned by the buyer and the financier. In such an arrangement, the property title and other instruments of ownership are kept in the custody of the financier’s attorney until the mortgage is paid in full.
Those who have tackled the conveyance process without the assistance of a solicitor have found it to be a most difficult and complicated a process; one that is best handled by having someone act on your behalf. Most of them have ended up forestalling their moving due to negligence. With just a little monetary investment, you can hire a solicitor and rest assured that all is well. This person will ensure that you get a good deal and that you are not duped or conned. Property business is a sensitive venture where one wrong move can see you lose a lot of money – do not take chances.
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