Is Property Settlement Mandatory – Some Food For Thought
October 11, 2019
Today property settlement or property conveyancing is a big business and there are dozens of firms, both online and offline who are offering their services to their customers. This is because buying and selling of real estate properties is not an easy job and there are a number of legal complexities and difficulties involved along the way. Irrespective of the purpose for which you are acquiring a real estate property, it is important that you also acquire with it the full legal rights on the same. This is very important and it is something that only conveyancing solicitors and other professionals can help you with.
There is no doubt that while identifying the right seller and right property is in itself a big task, going through the process of ownership transfer is even more complicated and challenging. It calls for involvement of lot of time, resources and efforts for ensuring smooth transfer of ownership. Since buying of a property involves thousands or even millions of dollars, even a slightest lack of good intention on the part of the seller could pose lot of problems. It could even drive the buyer to bankruptcy and it has happened in many cases. Hence, not hiring a good property settlement agents perth or company or individual is akin to being pennywise and pound foolish. Just by spending a few hundreds or even a few thousand dollars, you could sleep peacefully because you are sure that your property worth millions of dollars is in safe hands.
It is extremely important for you to understand the finer points of property settlement and this will be possible only when you have some basic idea about the processes involved. The whole process of conveyancing starts with an agreement of sale. Once this basic document of intent has been signed by the seller and buyer, your conveyancing lawyer will ask for the property titled and deeds. This is usually followed by a questionnaire and also a lot of legal information. This is also usually accompanied by a contract for sale or purchase as the case may be. There is a difference between agreement for sale and contract of sale. While the former is an intent, the latter is a document with legal implications.
Before signing the contract of sale the conveyancers should ensure that there are no loose ends left untied as far as the legal status of the property is concerned. To ensure this the conveyancer will physically examine the property and rule out easements and other complications which could be very troublesome for the buyer in more ways than one.