What Is Residential Conveyancing?

Conveyancing baulkham hills, also known as private client conveyancing, is a legal term that refers to the process of transferring legal ownership of residential property from one party to another. Residential property conveyancing generally occurs in conjunction with real estate sales and purchases to transfer the current owner’s rights to the new homeowner.

In order to help you better understand the process, here are some key points to consider during the residential property conveyancing process.

What’s Involved In The Residential Conveyancing Process?

If you’re about to buy or sell residential property, you may be wondering what it involves and what to expect during the process of conveyancing.

• Property Inspection

One of the first steps on your way to buying a property is arranging for a professional property inspection. Typically performed by an experienced real estate inspector, an inspection will cover all aspects of a property and its fixtures and fittings. This can include searching for signs of structural damage, checking out any electrical or plumbing systems, spotting potential pests, locating potential leaks and more. The best conveyancer in Melton states that the purpose of all these checks is to provide you with information about what condition a property is in when you buy it so that there are no surprises when you move in.

The extent and thoroughness of a property inspection will vary depending on where you’re buying – but generally speaking, it’s considered best practice to get at least two professionals to give their seal of approval before putting down any money.

• Name And Judgment Search

First, you need to make sure that there is no other creditor with a claim against your property. This means doing a search for any outstanding judgments or creditors – typically called a name and judgment search. This should be done by conducting searches through both online databases, as well as checking with local courts (for example, by walking into your county courthouse) to see if anyone has applied for or been granted a judgment on your property. A quick note: If you don’t hear back from someone within one week, call them and ask if they’ve received anything or if you’re still on their radar! It’s possible they just haven’t gotten around to returning your email yet – after all, an email might not be at the top of their mind.

• Chain Of Title

A chain of title is a list of documents used to legally transfer ownership of the real estate. It starts with a grant deed (the original document) and progresses through any other transfers, mortgages or leases that may have been executed on that property over time. The length of your chain depends on how many times ownership has changed hands and when those transfers took place. If you’re buying residential property from a private seller, you’ll need to check that their title is free and clear; that means examining their title report for outstanding liens or problems, like unpaid back taxes.

• Tax Search

Searching for tax liability is an important part of any residential property transaction. However, you may have noticed that there are different types of searches you can do: a search to find out if there’s any previous sale or transfer of title. Another is to find out if there are any outstanding liabilities on a property. A tax search often consists of two searches – one for land and one for buildings (this information is held by Land Registry and HMRC, respectively). When searching for old taxes, make sure you contact your solicitor so they can help ensure you don’t miss anything.

• Closing 

When you purchase a home, there are several documents and steps that need to be taken during closing. Your lawyer or your real estate agent will guide you through it. In general, closing involves two main parties: a buyer and a seller.