Conveyancing is the legal process of transferring the ownership of property (real estate) from one person or entity to another. It involves a series of steps, documentation, and legal formalities that ensure the smooth and lawful transfer of property rights.
The conveyancing process involves several key stages:
1. Pre-Contract Stage: This involves gathering information about the property, verifying the legal ownership of the property, checking for any outstanding debts or encumbrances, and preparing draft contracts.
2. Pre-Completion Stage: During this phase, the final contract has been exchanged and the parties are preparing for settlement including undertaking any remaining legal checks and searches,
liaising with banks and preparing statement figures for completion.
3. Completion Stage: This is when the actual transfer of ownership takes place. The purchase price is paid, and the property’s legal ownership is formally transferred from the seller to the buyer. The transfer is now completed through an electronic conveyancing platform called PEXA to officially record the change of ownership. This process finalises the legal transfer and ensures the new owner’s rights are properly registered.
Conveyancing typically involves a solicitor who handles the legal aspects of the process on behalf of the buyer or seller. The solicitor ensures that all legal requirements are met, conducts necessary searches, prepares and reviews contracts, and manages the transfer of funds.
Conveyancing is important to ensure a secure and lawful transfer of property ownership while protecting the rights and interests of both parties involved in the transaction. It’s worth noting that the specific details of conveyancing can vary depending on the jurisdiction and local laws governing property transactions.