Conveyancing is the process through which a professional transfers a legal title deed of property from one person to another. Before the transfer is done, a lot of work is required to ensure that the transaction is both legal and both parties are on board. The parties involved in the conveyancing process are the sellers of the property and the people seeking to purchase it. Here are a few things that happen during the conveyancing process of buying property.
A Draft Contract and Investigation
Once you have chosen a residence you want to purchase, buyers are required to send in paperwork with their identification papers. After this, the seller provides a draft contract on the commercial property accompanied by the relevant documents concerning the property. After this, the conveyancer goes ahead to investigate the papers sent by the seller. In case of any problems or questions, the professionals contact the seller to settle them.
Report and Signing
After the professionals have confirmed that the documents are legitimate and all their questions have been answered satisfactorily, the conveyancers make a report. In this, the professionals include an acceptable mortgage offer and also the total amount the buyer is supposed to pay. If you are satisfied with the paperwork presented, a signing is scheduled where the completion date for payment is agreed upon. If you opt to pay through a mortgage, ten per cent of the total amount is expected to be paid at this point.
Exchange of Contracts and Moving In
At this point, many factors, for example, the completion date, have already been agreed on by both the seller and buyer. Contracts, including all the details of the transactions, are exchanged and signed by both parties. The contracts exchanged are usually legally binding. After the full purchase is made, the real estate agent hands the buyer the keys to the property, and the whole process comes to a close.