Conveyancing

From ArticleWorld

Conveyancing is the overall process of transferring legal ownership of a property from one party to another. It is normally performed by a solicitor or licensed conveyancer but can be done by an individual also. The conveyancing process starts after an offer has been made and accepted for a property, and solicitors’ details have been exchanged by the two parties.

Why conveyancing

The system of conveyancing came into existence because it is required that the buyers get a good deal including all the rights and know in advance if there are any restrictions on the land that they are buying. Most people like to hire a solicitor or a licensed conveyancer to carry out the legalities of buying their home. It is possible for the buyer/ seller to do the conveyancing themselves but it is a very tedious process and is liable to become risky in the hands of novices. Although professional services are expensive, it is better to rely on them because this part of the process is crucial. Since registration of land has become common, electronic conveyancing has become popular.

Conveyancing in different states

The normal practice in England and Wales is that the buyer fixes the initial deal with the seller and then hires a solicitor or a conveyancer to follow through with a search (for any hidden restrictions or other flaws) and a contract. A time of about 10-12 weeks is needed to organize the papers of the property, during which time either the buyer or the seller may pull out and cancel the contract.

In Scotland, the initial deal between the buyer and the seller is binding on both the parties and the buyer needs to get the surveying of the property done before making the deal with the buyer.

In America different states have different rules but the most common law requires the buyer and the seller and their attorneys along with an attorney representing the mortgage holder to be present during the signing of the contract. In some cases the buyer makes the offer to purchase and sends the contract along with a deposit towards the purchase price.