Whether you’re buying a commercial or residential property, you’re probably familiar with the role that real estate agents play in the process. They’re probably the most visible presence throughout the entire transaction, as they’re doing they’re best to convince you to purchase the property. However, what many people don’t know is the importance of residential or commercial conveyancing lawyers and how they help with the transfer of property ownership.
When you buy a property, you’re not just inheriting the land and structure, but the issues—hidden or otherwise—that come with it. A real estate agent often won’t divulge this, but a law firm in Milton will tell you everything you need to know about a property and the possible risks involved in its purchase. By knowing these issues ahead of time, you can save yourself from buying a house that will give you a ton of headache in the long run.
What Is Property Conveyancing?
Property conveyancing is the process of transferring ownership of land or property from the current owner to the next. It is performed by a legal specialist, like a property lawyer, who has extensive experience in the field. While the process sounds simple, it is incredibly complex and far-reaching, as it can uncover all sorts of issues that can compromise your purchase.
What Is the Process of Property Conveyancing?
To ensure that you’re engaged in a high-quality, comprehensive property conveyancing process, you’ll need to know the steps involved. The first step is to find a conveyancing lawyer who will prepare and meet with you to review all the necessary documents to make sure you make well-informed decisions. The second step will consist of the lawyer conducting extensive research on the property and report back to you on issues they may have discovered. These include land contamination issues, property boundary issues, environmental problems, government leases, unpaid levies, litigation, and numerous other factors that can negatively impact your settlement.
The property conveyancing lawyer will also take care of your deposit money and put it into a trust account to ensure it’s protected and ready before settlement. They will also prepare the rates and taxes you’ll need to pay, ensuring you’re aware of the upcoming expenses. The lawyer will then settle the property by working with the current owner’s lawyer and bank. They will also have to work with the titles office and council to transfer the property’s ownership title to you, the next owner.
However, their work doesn’t stop there. Property lawyers will coordinate with the other party’s lawyers to lift any caveats, liens, or other barriers to ensure that the title of ownership will be successfully transferred to you. Given the depth of the process, you’ll need to make sure you hire a dependable, experienced lawyer, as they will be expected to navigate through stacks of legal documents and requirements on your behalf.
Property conveyancing is a fundamental process of purchasing a property that few people discuss, leaving new home buyers in the dark and at risk of potential issues. By working with a lawyer, you can ensure that you know everything about the land or house and guarantee a seamless transfer of property ownership.
GLG Legal is an ambitious, innovative commercial and property law firm in Milton. Our legal specialists provide residential and commercial conveyancing to help our clients meet their needs. Book a consultation with us today to find out how we can help you with your property purchase!