At some point in our lives, we become buyers or sellers of real estate properties, and just like any other transaction, it is always accompanied by legal problems and tons of paperwork. It is already stressful just by hearing it, right? But it is not something you should be worrying about. This is if you only consult and avail conveyancing services from agencies with years of solid experience in the field instead of closing that deal on your own which exposes you to potential pitfalls. In here, you will learn how you can benefit from a property conveyancer.
Common Conveyancing Problems
Once you enter into a real estate transaction, problems always arise even if you are a buyer or seller. Below shows the common problems a person can encounter during the conveyancing and why it is necessary to avail conveyancing services from legal experts.
Problems as a Buyer of Properties
- Inability to make property purchases due to lack of financing.
- Possibility of penalties, interests, or worst—termination of contracts due to delays in loan settlement particularly with the banks.
- Chances of encountering maintenance issues on the properties after fully buying it.
Problems as a Seller of Properties
- Possibility of delayed payments from the buyer.
- Delays in mortgage discharging.
- Delays on the purchasing process due to the buyer being unready to take charge of the property.
- Refusal of the purchaser to settle the estate.
The Purpose of Conveyancing
By definition, conveyancing is a process of transferring legal ownership of property from one person to another. It is usually processed by lawyers and non-lawyers, who have complied with the requirements under the Conveyancers Act 2006 and were licensed by Business Licensing Authority. The conveyancing work includes the preparation of agreements, transfers, leases, and mortgages. Thus, working with a professionally property conveyancer assures the work and the process are dealt with legally. Although licensed conveyancers can do the legal processes, they still have limitations which are stated below.
- Giving financial advice on investments.
- Investing of money that is not stipulated in Part 5 of the Conveyancers Act.
- Preparing a last will.
- Creating or terminating a
- Establishing or changing the constitution of a corporation.
- Applying of administration letters.
- Handling legal proceedings.
4 Benefits of Availing Conveyancing Services
Availing conveyancing service can give the buyers or sellers the following benefits:
- It provides extensive research about the prospected properties to uncover their underlying legal issues.
- It performs all the legal work with due diligence.
- It aids you in understanding the terms and conditions stated in the contract and assists you in selecting financial options fit for the agreement.
- It aids you in selecting reputable real estate agents and keeps them in check.
If you need a conveyancing service that works in accord with your needs, please contact us at Accord Conveyancing.