A SOLICITOR'S ROLE IN PROPERTY TRANSACTIONS
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Latest Breaking News - Law - Viewing: A Solicitor's Role In Property Transactions Friday, November 06, 2009 If you are planning to buy a house, you must have come across the term "conveyancing" often enough. "Conveyancing" is what the process of transferring the title of property from one person - also called "party" or "hands" in legal parlance - to another is called. As most people invest a huge proportion of their capital in their homes, it is necessary to ensure maximum legal security for it. To ensure this, the services of a solicitor are absolutely necessary. The process of conveyancing begins long before the actual sale transaction is initiated, and ends once the purchaser acquires the right to occupy a property. As soon as the buyer settles upon a particular property he/she wishes to purchase, the process of conveyancing should be initiated by the solicitor. The first step in the process is to conduct a few legal searches on the property. "Searches" do not involve masked men with torches, but are the far more prosaic procedure of verifying the history of the land, constructions and their sanctions. The legal searches must verify: 1. The history of the property. Here, the entries in the deed provided by the seller are verified against those in the court ledgers. These entries should be identical. Also, the deed of purchase of the present seller should be checked for any possible inconsistencies or problems with inheritance, or other clauses that lead to liabilities. 2. The validity of the construction. Typically, the local municipality will verify the sanction of the building plan. If the plan does not conform to the local building norms, the construction is liable for demolition. Once it has been established that the seller is the rightful owner, has full right to the property and that the construction fits the local norms, then the buyer and his/her solicitors can proceed with the transaction. In case of newly built property and singly owned land, the transaction is relatively simple. When more people are involved, for example in multiplex housing, the contract must also clearly define the rights and duties of every apartment owner with respect to the housing association, sharing of common areas and so on. Any details that are overlooked may prove to cause trouble later on, including litigation. However, a properly drafted title deed, made by a solicitor who specializes in conveyancing, will make sure that your home remains safely yours to retain, sell, gift, will or mortgage as required. The solicitors, as a group, typically charge a total of 10% of the property price. This is usually paid when all the solicitors involve exchange the contracts they have drawn up, just before the actual registration takes place. Occasionally, the seller and purchaser may also choose to execute an "advance agreement", so that the purchaser can stake claim on the property and the seller can be sure of his/her intent while the contract is drawn up and passed back and forth between solicitors. The date of registration at the land office is also the date when the purchaser can receives the title deeds and can officially occupy the property, i.e. when the keys are handed over.
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