In conveyancing, we assist our clients in the transfer of legal title of property or ownership or interest in real property from one person to another by a document, such as a deed, lease or the granting of an encumbrance such as a mortgage or a lien.
A typical conveyancing transaction contains two major landmarks: the exchange of contracts (whereby equitable title passes) and completion (whereby legal title passes). Conveyancing occurs in three stages: before the contract, before completion and after completion.
A buyer of real estate property must ensure that he or she obtains a good and marketable ‘title’ to the land; i.e., that the seller is the owner, has the right to sell the property, and there is no factor that would impede a mortgage or re-sale.
A system of conveyancing is usually designed to ensure that the buyer secures title to the land together with all the rights that run with the land, and is notified of any restrictions in advance of purchase.
In most mature jurisdictions, conveyancing is facilitated by a system of land registration which is designed to encourage reliance on public records and assure purchasers of land that they are taking a good title.
There are 8 steps in the conveyancing process to purchase real estate you should know:
- Accepted offer on the property.
- Contract from the realtor & setting an appointment with your lawyer to complete the transaction.
- The lawyers and conveyancers process the paperwork and perform due diligence.
- Statement of Adjustments tells you how much money is required to complete the transaction.
- Appointment at our lawyers to sign all paperwork and make all payments necessary to complete the transaction.
- “Magic Time” is when the Miamu Properties Team now takes all the pieces of the purchase and puts them together to complete the purchase transaction.
- Possession. When you finally get the keys to your property and prepare to move in.
- Final documents are sent to you and include the Title Certificate that officially says you’re the owner.
If you have any questions about this process, we are happy to answer them! Just give us a call or send us a quick email