Arguably one of the biggest financial transactions of your life, after getting your first car of course, is buying or selling a home. A lot of money is changing hands and it can be an absolute nightmare if even the smallest thing goes wrong. You need to have someone you can rely on who is looking after your best interests.
That’s where conveyance solicitors come in, they make sure that all the correct boxes are ticked, and the right forms are signed to make the process as easy as possible for everyone involved. Here’s a brief outline of what your lawyer deals with whilst you’re trying to buy or sell a property.
Checking the property
During the process of a sale your property solicitor will usually inspect the property themselves or hire experts to make sure everything is up to scratch. Lighting, plumbing, structural integrity and any damage will be checked to make sure that all parties are aware of the state of the building before it changes hands.
This helps to reduce the chance of disputes cropping up over damage or other problems after the sale.
They also handle the official mapping out of property lines. This can be handy if the estate is large and open, as there can sometimes be plenty of places where disputes over boundaries can spark up. They can even call in land surveyors to check for subsidence of the foundations or grounds.
Transfer of deeds and titles
Just because you have the keys to your home it doesn’t mean you legally own it. You will need to ensure that the correct deeds or titles are transferred over as well so that the necessary ownership rights are passed over. In this case it will cover things such as council tax, mortgage payments or landowner requirements if it’s a large estate that has things like public paths cut through it that need to remain open.
Collecting of funds
One of the hardest parts of the process of buying or selling a property is making sure all the funds involved are allocated in the correct place at the right time. Whether this is a down payment from a new buyer or a loan from the bank, your legal representative will handle these undertakings to allow for a smooth transaction.
They manage this through a series of deadlines that allows all parties a fair amount of time to collect the funds. Although in the event of someone not settling the bill, they can also deal with court orders to chase up those payments for you.
As you can see, there are a lot of things that your attorney will get up to whilst you’re waiting to move into your new home or to sell the old one. If you’re looking into the property market and are interested in learning more about what goes, why not discuss it at your local law practice.
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