What You Need to Know About Conveyancing Property
Conveyancing is a term that is used to describe the process of transferring the title of property from one person to another. This can include a home sale or the sale of a commercial facility, or it can mean a transfer of property bought and sold at auction. Conveyancing is not always as simple and straightforward as you might assume, so note a few things you need to understand about the process so you know what to expect if you want to convey or receive property.
1. The cooling-off period
The cooling-off period allows the buyer of a property to take a few days and back out of their offer, even if they've signed a purchase agreement. This actual cooling-off period may vary from location to location, so a conveyancer or real estate attorney can advise you on your rights as a buyer or seller in this case. The cooling-off period may be waived by the buyer if they sign a waiver before signing the agreement, and it may not apply at an auction. There is also usually a penalty for the buyer if they back out of a sale during the cooling off period; they have to pay the seller a very small percentage of the purchase price that they would have paid.
2. The notice to complete
A notice to complete is a legal paper that compels the buyer or seller to complete their part of the agreement by a certain date. For example, a buyer may have been planning on taking possession of property by a certain date, but the seller has not signed the purchase agreement, vacated the property, or turned over the keys as they had previously agreed upon. In that case, the buyer can appeal to the courts for a notice to complete to compel the seller to complete the transaction according to their agreement.
3. A conveyancer
A conveyancer is different than a real estate agent or attorney, in that they help either the buyer or seller complete the process of conveyancing. They may obtain certain building inspections, file paperwork, ensure that deposits are put into bank accounts, and the like. While it's not typically necessary to hire a conveyancer when going through the transaction process, they can make it easier for both buyers and sellers to understand what is expected of them. They can also ensure that the process is handled quickly and easily, with no paperwork overlooked or filed late, and that there's nothing else that might hold up the conveyancing process.
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