If you are a first-timer in the home buying process, you will be faced with the challenge of conveyance. Like most people, you might not be familiar with what that entails! The internet is full of complicated, professional-level articles on conveyance that take hours to read and understand. But if you are a beginner, you need a simple definition of what conveyance is and why it’s necessary. So, in the promised one sentence, here is the bottom line:
Conveyance is the process that occurs when important, titled property changes hands through a sale.
That’s really it; conveyance is a simple process, especially when you have a professional by your side to guide you through it. But to be thorough, let’s break down this definition so you know exactly what each part means and why it is significant. After all, conveyance is a relatively simple process when you know the order of events, the value of a conveyancer, and the significance of certain milestones.
Conveyance is a Process
Even with the help of a professional, conveyancing is not an overnight success. It takes weeks, and sometimes months, of dedicated work to make sure that a home ownership deal is settled and stable. With that in mind, it’s important that you understand the process of conveyance, and what your conveyancer will do.
If you are the buyer, conveyancing entails the following:
- Clarifying legal documents like the sale contract so that you know what you are agreeing to
- Analyze your title to make sure that there isn’t any fine print that prevents you from a clean purchase
- Managing a trust fund of your deposit money
- Representing your financial interests to the seller
- Doing the math behind a sale, including the current rates of taxes associated with your future property
If you are the seller, conveyancing entails the following:
- Answering the buyer’s complicated questions about finances, time frame, or legal concerns
- Sorting through legal documents and addressing them at the proper time
- Creating paperwork and contracts that are a good representation of your goals in the sale
- Making sure that you (correctly) complete all the legal documents involved in the sale of your property
As you can see here, conveyance is a process. But even though it may seem impossibly complicated at first, it’s easy to find an experienced conveyancer who can help you navigate the waters of your sale or purchase.
Important, Titled Property
When you are selling an old book at a garage sale, the process is simple. The buyer hands you money, and in turn, you hand them a book. But when you are dealing with expensive assets like a house, the process is a lot more complicated. Here are some reasons why:
- Property is expensive, which means it’s a big deal when you are ready to sell.
- There is lots of legal jargon and fine print involved in the buying and selling of homes.
- Large sales of property can spark legal disputes if not handled properly.
Because of these complications, conveyancing is a necessary part of selling your home. You can’t just “hand it over” without the legal assurance that everything is settled.
Since conveyancing is reserved for large properties, it’s completely understandable if you’ve never been through the process before. Most people only sell a few houses in their lifetime, so unless you are a professional house flipper, you might never have even heard of conveyancing a title. Luckily, we have many more blog posts on our site that can guide you through the specifics of the process.
Changes Hands Through a Sale
The most important part of conveyancing is that there is a sale involved. Money is the reason that selling or buying a home is so complicated, which is why conveyancing exists in the first place. After all, a home is probably the most expensive purchase you will make in a lifetime. This means two things for your conveyance process: paperwork and conveyance fees.
As you most likely assumed, there is a lot of paperwork involved when you are buying or selling a home. Mainly, this paperwork deals with making sure that both parties are on the same page about the timeline of the purchase and how much it will cost. Without this paperwork, people selling houses would often be caught up in expensive legal battles about the specifics of their transactions. So even though paperwork is a nuisance that eats away time, it will save you a lot of money and stress in the long run.
Another important aspect of conveyancing is conveyance fees. When you hire someone to help you with the conveyance process, you have to compensate them through conveyance fees, just as you would compensate a lawyer or a realtor. Everyone charges different amounts for their services, so before you are locked into a certain person, be sure to ask them about their fees and have an up-front conversation about how much their services will cost.
All in all, there’s no reason to be overwhelmed by or scared of the process of conveyancing. With a professional conveyancer by your side to guide you through the process, you will be able to quickly and legally complete your transaction.
Need help finding a conveyancer or want to learn how to do it the right way yourself? Here at Titlexchange, our goal is to provide you with the best help possible. Contact us for more information about who we are, what we do, and how we can help you.