Are you searching for a property to buy? Perhaps you are looking to sell one? Whether you’re buying or selling a property in Sydney’s Inner West, there are things you need to know about conveyancing.
Here are some quick facts about conveyancing to help make you aware about some of the considerations of acquiring or selling a property.
What is conveyancing?
Quite simply, it is the legal process of transferring ownership title of land or property from one person to another. But the transfer of property may also be between legal entities such as businesses.
Conveyancing happens between a seller and buyer, or Vendor and Purchaser. They enter into a contract of sale for a land or building. It is also needed to facilitate the division of property, refinancing and transfer of ownership.
Conveyancing involves a lawyer and a conveyancer. What’s the difference between the two?
This certainly confuses property owners. A lawyer is a legal professional who provides advice to people about their legal rights and obligations when buying or selling properties. They may also provide advice on the conveyancing process.
A conveyancer, on the other hand, is a licensed professional who assist people who are buying or selling real properties through the process of conveyancing. However, they cannot provide advice on matters of law that are beyond conveyancing.
Therefore, if a matter related to the buying or selling of a property is beyond the conveyancing process, the conveyancer must then refer the clients to a lawyer.
Can you do conveyancing on your own? If you think about it, buying or selling a property is a huge matter which could involve investing or acquiring huge amounts of money in the process. You can take chances.
That’s why you need a qualified conveyancer to help make the acquisition or selling of the property smoothly.
What are the advantages of hiring a qualified conveyancer in Sydney’s Inner West?
If you hire a licensed conveyancer, you are protected by Property indemnity insurance and you get access to statutory compensation funds. Should your money held on your behalf by a conveyancer get lost, you are protected.
By hiring a qualified conveyancer, you will also be able to take advantage of the experience and expertise they can offer to make your property selling or buying easy.
To know more about conveyancing, click here.
Buying or selling a property? Contact Alex Sapounas J.P today on 02 9568 6266.