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Conveyance

Conveyancing is the process of transferring property ownership from the seller to the buyer. It involves three stages - researching the property details, exchanging signed contracts between buyer and seller, and completing the sale where the buyer pays and receives ownership documents.

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Kelly&Co
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66 views1 page

Conveyance

Conveyancing is the process of transferring property ownership from the seller to the buyer. It involves three stages - researching the property details, exchanging signed contracts between buyer and seller, and completing the sale where the buyer pays and receives ownership documents.

Uploaded by

Kelly&Co
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd

The stages of conveyancing Conveyancing is the transfer of ownership of a property from the seller to the buyer.

Once an offer from the buyer has been accepted by the seller, the seller is obliged to produce a contract for the transaction of the property. Stage 1 is the process of research and proposal of the details of the legal contract. The conveyancing service will conduct research with the local authority. This search is to check for planning restrictions and compulsory purchase orders which may affect the property. For the property itself, the boundaries of the property are determined as well as any public rights and rules about using it. The services such as gas, electricity and drainage are also investigated. An inventory list is made of the fixtures and fittings which include doors, fitted kitchens and carpets. The purpose of Stage 1 of conveyancing is to have any questions answered by the seller relating to the property and transfer and to resolve any issues with the intention of clarifying the details for the draft contract. Stage 2 is the exchanging of the contracts. When both parties have agreed to the terms and conditions of the legal contracts they can both sign their particular agreements. After the contracts to buy and sell have been signed and exchanged, the agreement is legally binding. A legally binding contract means they are both legally obliged to complete the transaction and if one party does not fulfill the contractual obligation then that party will be liable to pay compensation. Stage 3 is the completion. Once all the terms and conditions that have been agreed have been met, the buyer makes the payment to the seller and the documentation of ownership is given to the buyer. The seller is obligated to leave the property in the condition agreed and to give the keys to the buyer and that is the completion of the conveyancing.

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