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Conveyancing laws and procedures at a glimpse

According to the law, conveyancing is the transfer of legal title of property from one person to another, or in other words granting of an encumbrance such as a mortgage or lien. This term sometimes also mean the transfer of bulk commodities such as water, electricity or gas. But for this article we will be considering the first definition. An idol or typical conveyancing process goes through two processes. First one is the exchange of contracts (whereby equitable title passes) and the second one is the completion (whereby legal title passes). This is not the whole. To finish the entire process there are three more processes. These are: before contract, before completion and after completion. The person who is willing to buy the property has to ensure that he or she has the proper and legal title of the land because if anything goes wrong in the ownership of the title, the full process of buying and selling becomes problematic and time consuming. To prove the credibility a seller has to show that there is no factor which would impede a mortgage or a re- sale.

The whole system of conveyancing is designed in a way so that the buyer legally secures the title of the land along with all the other rights that come along with it. This whole process is run with so much care and legal procedures that if anything comes in the way of selling, the buyer may lose his interest in buying and dismantle the whole project. It is the sellers’ responsibility to let the buyer know about all the restrictions of the land and about every negative aspects of the buying- selling process.

In most developed influence, this process is facilitated by a system of ‘land registration’ which is ‘designed to encourage reliance on public records and assure purchasers of the land that they are taking good title.’ Many may not know, the system of keeping public records has a French background.

In countries like England and Wales, the transfer of land and property is done by a solicitor or any licensed conveyancer. In England what is being transformed, any land or property might have or might not have ‘Messuage’ (A Digest of the laws of England representing real property; volume 4, pg: 3213# 42), this is the principal dwelling, the land at the same time might include any orchard or outbuildings. The price of the domestic conveyancing market is economical because of the similar kind of services of the solicitors and conveyancing companies for small range of space. So in this condition someone is free to go to any solicitors for the transfer of land or property.

According to English law, ‘Agreements are not legally binding until contracts are exchanged.’ This leaves a space for both advantage and disadvantage. The advantage is the freedom before the contract where the buyer may walk backwards for the land. The disadvantage is the total wastage time and expense in the event. In both the ways both the parties suffer.

The regular preparation is for the buyer to assign an approved price with the seller, then form an inspection and have the solicitor (or conveyancer) carry out their explorations and ‘pre-contract’ investigations. The seller’s solicitor or conveyancer will formulate the draft bond to be accepted by the buyer’s solicitor. The seller’s solicitor will also assemble and formulate property data to be delivered to the buyer’s solicitors, in line with the ‘Law Society’s National Protocol for domestic conveyancing’.

It takes on average 10–12 weeks to thorough a conveyancing transaction, but while some transactions are quicker, some many take extended time. The span is firmed by a ‘of factors’ – legal, personal, social and financial.

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