Conveyance procedure is a primary element that is associated with the sale of any property. It is here that the conveyancer would come to your help. A conveyancer is a qualified attorney who has received additional qualifications that would enable him/her to practice this field of law. Conveyancing procedure is a vital element of any transaction that involves buying and selling property. Conveyancing fee refers to the fee paid to a conveyancer who takes care of your paper work as well as manages your interests.
Main functions of the conveyancer
The primary duty of the conveyancer is to take care of all the legal conditions and the obligations of the legal process and see to it that the new agreement is set in place in the absence of any legal hassle. Simultaneously he also acts on behalf of the current lender thereby ensuring that the existing mortgage is paid fully. The main function of the conveyancer therefore is to ensure that the agreement of sale is executed to perfection and also to ensure that the transfer of property from the seller to the name of purchaser takes place in the right manner. It is important to note that the actual ownership of the property passes on to the actual buyer from the seller only when the transfer is legally registered and not when the agreement of sale is signed.
To make it simpler, we can say that the basic functions of the conveyancer are:
1. to draft the formal documents that have to be lodged at the Deeds Office that include the actual Deed of Transfer, power of attorney that endorses the conveyancer to appear in front of the Registrar of Deeds on behalf of the seller and the rates clearance certificate procured from all the appropriate authorities.
2. The conveyancer also takes care of the financial part of the transaction like making arrangements for providing a guarantee to the bank.
3. To ensure the accuracy of all documents furnished.
Conveyancing Fee
It is but obvious that the conveyancing procedure represents an important aspect of the entire legal transaction hence the fee to be paid to the conveyancer has got to be slightly on the higher side. However, you must ensure that the conveyancer that you are employing is experienced in this field. The basic fee for the conveyancing procedure can be broken into some important components like:
The basic fee for the conveyancer’s time and advise and action : Some of the items that can be covered in the fee list of the conveyancing fees are for preparing the Stamp Duty Land Tax form, the conveyancing fee for dealing with lease-hold homes, preparing documents involving bank transfer or telegraphic transfer, an additional fee to pay if the property that is being bought is a shared ownership property.
The other part of the conveyancing fee includes the various payments made by the conveyancer on your behalf to several third parties.
We hope that the above summary throws sufficient light on the various aspects of the conveyancer’s legal obligations and the costs involved in a conveyancing transaction.