Laws Regarding Residential Conveyancing

Buying a house is a very sensitive undertaking, especially bearing in mind that the task is quite costly. With such a move, you don’t want to be involved in any legal tussles that could result to loss of money or even the property. Therefore, it is important to understand different legal processes that are involved in residential conveyancing. Although it is costly, it is recommended that you use conveyancer or a solicitor rather than doing it yourself.

Residential conveyancing refers to the legal transfer of property, normally a house, from the seller to the buyer. Laws relating to residential conveyancing are aimed at preventing any possible conflict between the seller or the property, the buyer and relevant authorities. Like any other law, residential conveyancing laws protect the rights and interests of the property holder irrespective of his gender, race, color or financial status.

Processes of conveyancing
There are several processes that are conducted by a conveyancer to ensure that the money that the buyer is paying is worth the property. The process involves preparing of sale contract which spells out the terms and conditions of the property sale, carrying out local authority search to update the buyer on the plans from the local statutory authority that may affect the value of the property and whether there are any restrictions against the property such as development, extensions, mortgage and rebuilding, among other things.

One of the most vital documents you are required to sign before residential conveyancing is done is a contract of sale. Contract of sale is a formal document that is written between the seller and the buyer containing terms and conditions of the property on sale. It contains the price of the property and the deposit if you are buying through a property agency, fittings and furniture that are part of the house, conditions of the property and other conditions that may be subject to acquiring of the property.

Other requirements include requisition of the title, which is supposed to be done within 21 days upon signing of the contract of sale. You should as well obtain the vendor statement or section 32 statements, property title, property certificate and the land title. Certificates are helpful when it comes to planning for expenses on the property such as due rates. Remember this may affect the purchasing price, and so, it is important to carefully consider it.