What Exactly Is The Role Of Property Settlement Professionals
September 18, 2019
For all those first time buyers of real estate properties, it is unlikely that they will have the right information or knowledge about melbourne property conveyancing or property settlement. However, there is no doubt that the role of these professionals is very important for ensuring smooth transfer of ownership from the seller to the buyer. Whenever a property is bought, the transaction process will not get over until the ownership is transferred to the buyer. Unlike buying of other movable and immovable assets, the process does not get over after signing the agreement and paying the consideration. The ownership change has to be reflected in the government records and that is what conveyancing is all about.
The term property conveyancing or property settlement is the various statutory and legal processes that have to be gone through for effecting transfer of the property from one entity to another. Though the definition might look quite simple from the surface, there are a number of steps and formalities that have to be gone through. It could include verification and investigation of the property documents and also the property. There could also be the task of preparing documents, executing them and also performing a lot of administrative and liaison work with the various government authorities. Hence when we talk about property conveyancing there are a number of steps that have to be gone through.
Further as buyers we have to understand that there are a number of professionals whose role is very important is the entire process of property settlement. It all starts with the important role of property lawyers and attorneys. There role is perhaps the most crucial and it involves checking on the legal status of the property and ensuring that everything is perfect. They may be required to look at the property documents under the microscope and also pay visits to the property and ensure that what is available on the ground matches with what is shown in the property documents.
The role of property documentation professionals is also very vital. They play a big role in preparing agreements which have a legal bearing on both the stakeholders (buyers and sellers). They also get the documents executed with the relevant authorities. Finally there is a process called property valuation or appraisal. It is all about helping the buyers to have a clear idea about the fair market value of the property in question. Hence, there are multiple roles being performed by various professionals in the process of property conveyancing.