Conveyancing refers to the process of transferring the legal title of real property such as land from one party to another. It ensures that the buyer secures the title to the property and obtains all the rights attached to it. Conveyancing is effected through the use of an instrument called a conveyance.
The common examples of conveyances that result in contractual obligations include mortgage, lease, and transfer. Notably, conveyancing is a critical process to buyers of the property that requires thorough investigations of the documents of the title. This is because it helps establish the authenticity of the legal titles to be transferred thus reducing the risk of losing the property to dubious property owners. Therefore, the parties involved in a conveyancing transaction engage the services of a conveyancer. This is a professional lawyer who provides legal counsel and prepares the documents for the transaction on behalf of the seller or buyer of the property. Unlike in the past where the licensed conveyancer had to conduct the process physically, nowadays they have adopted modern technology and can render their services online.
Property owners must understand the critical stages involved in conveyancing. The exchange of contracts is the first phase that involves the creation of equitable interests that are to be transferred. It also shows that both parties are legally committed to the property sale. The interests must legally exist and it is the responsibility of the buyer to ascertain their existence. The next stage is the settlement and it occurs when the title is actually passed on to another party. Moreover, knowledge of the conveyancing laws is necessary for both parties. It helps them identify the protocols and procedures that facilitate conveyancing. A simple modification of the legal title is also part of conveyancing. It consists of three major components for it to be recognized by the law; the legal title, the process and the transfer of the original or modified title documents.