Legally speaking, conveyancing refers to the transfer of a property’s legal title from one person to another. It could also mean granting additional burden on someone through a lien or mortgage. There are two main markers when a typical conveyance occurs between two parties. The first one is the exchange of contracts wherein the equitable title passes from one person to another. The second one is the completion phase in which the legal title is passed from that same person to the other.
The idea of conveyancing being a legal thing means you need to have a solicitor to back you up in case any deal goes awry. Check out the information at this website to understand more about solicitors, as well as how they can help you. You may be wondering what the difference between a legal title and an equitable title is. When two parties agree to transfer property title through conveyancing, they would have to go through an exchange of equitable title first, which refers to the benefits and enjoyment one acquires from a property. On the other hand, passing of the legal title entails passing on the duties and responsibilities of maintaining and controlling the property.
Hence, if you analyze it closely, you’ll see that there are three stages involved in the process of conveyance: before the actual contract or the passing of the equitable title, before completion or the transition period, and after completion or the transfer of legal title. Nevertheless, if you’re the buyer of the real property, you only go through with the conveyancing after you’ve made sure that the seller is really the property owner, that he or she holds the right to sell the property, and there wouldn’t be any problems in case you decide to resell or take a loan against the title.
Why is this system important? Well, conveyance serves as a buyer’s security. It assures that the buyer would not only secure the property title but also all the legal rights that go with the land. If you lived in United Kingdom, then you should know that most of the lands there are under the new system of conveyance. A buyer of the property could try to accomplish conveyancing by himself. However, given that many different state and council laws and processes must be observed, it would be best if a buyer worked closely with a solicitor or a licensed conveyancer. You can find Solicitors Chipping Sodbury by going online.
It usually takes a licensed conveyancer a month or so to process everything, from the title search to the preparation of legal documents. Of course, there is a whole bunch of nitty-gritty in between, which includes checking for property encumbrances and restrictions, taxes, and other fees and charges. Getting the services of an expert is the wisest thing to do to ensure that you’re not leaving any stones unturned.