Conveyancing: The Process of Transferring Property Ownership

Conveyancing: The Process of Transferring Property Ownership

Blog Article

Conveyancing is the legal process of transferring ownership of real property from one person to another. It involves a series of steps to ensure that the transaction is legally sound and that the new owner has clear title to the property.
Key Steps in Conveyancing

Contract of Sale: The buyer and seller agree on the terms of the sale, including the purchase price, deposit, and settlement date.
Due Diligence: The buyer conducts investigations to ensure the property's title is clear, there are no outstanding debts or encumbrances, and it complies with zoning regulations.
Settlement or Completion: The buyer pays the balance of the purchase price, and the seller transfers the property title to the buyer.
Registration of Transfer: The transfer of ownership is registered with the relevant land registry or property records office.

Documents Involved in Conveyancing

Contract of Sale: The agreement between the buyer and seller.
Title Search: A document confirming the seller's ownership and any encumbrances on the property.
Settlement Statement: A detailed financial document outlining the costs and payments involved in the transaction.
Transfer of Land: The legal document that transfers ownership from the seller to the buyer.
Stamp Duty: A tax levied on the transfer of property.

Common Conveyancing Issues

Title Disputes: When there are conflicting claims to ownership of the property.
Encumbrances: Existing debts or charges on the property that need to be settled.
Zoning and Planning Restrictions: Limitations on the use or development of the property.
Boundary Disputes: Disagreements about the exact location of property boundaries.