Amateurs in real estate development can find house buying process tedious and complicated. This problem arises because there are several issues surrounding property purchase. The buyer must also know exactly what type of house he is buying and the tenancy or ownership agreement of the property. The types of properties available in the market include rented flats, condos, and homes. Types of ownership of a property can be freehold, commonhold or leasehold. The buyer must know the type of house that he wants and the ownership agreement of the property. Solicitors help buyers with conveyancing. They elucidate all laws and arrangements surrounding the sale of a given property.
The first step in conveyancing is finding out properties that are on sale. Sellers usually advertise properties that are on sale in news media such as magazines, televisions and online websites. These are avenues to find the property that you need. The sellers can also engage the services of real estate agents to publicise their properties.
The buyer should hire a solicitor after he identifies the right property. A solicitor will help him with the conveyance. The first thing a solicitor will do is make contact with the seller’s solicitor. Sellers rarely deal with buyers’ solicitors by themselves. They have their solicitor to mediate for them. The buyer’s solicitor will ask the seller’s solicitor if the property is indeed on sale. If the property is on sale, he will express to his colleague his own client’s interest in the buy the property.
The seller’s solicitor will then send him a draft detailing the seller’s expectations of the forthcoming transaction. Included in the draft are prices of the property, duration of time for conveyance and other requests that the seller may make of the buyer. The buyer goes through the draft and accepts or rejects the terms therein. He, with help from his solicitor, draws another draft containing items from the seller’s draft that he agrees on and those that he wants to be revised. The seller and buyer then come up with a final draft whose item the two of them fully agrees with.
After the final draft is drawn, conveyance enters the termination period. The buyer and seller agree on the payment day. This is the day the seller gives the buyer the right to own the property. In exchange, the buyer gives the seller money.
Before property officially exchanges hand, the buyer’s solicitor must do much research. Conveyance research aims at establishing all facts about the property. One of the things a solicitor must research about is the real ownership of the property. A buyer should not accept a seller’s claim of the property as the Bible truth. He must find out whom the Land Registry identifies as the seller. His solicitor must go to the Land Registry and find out if the owner of the property is indeed the seller they are dealing with.
The solicitor also researches water and drainage, mining activities around the property, the architecture of the property, and the terms of residence of those currently living in the property. Research prevents cases of fraud and conflict that may arise due to ignorance or falsification of information.