When buying property such as land or building, there is need to make sure you legally acquire it. Conveyancing is the legal and administrative process that is involved when transferring ownership of land or homes from one person to another. Although the process can be done between the buyer and seller without the involvement of a ขายอาคารพาณิชย์ solicitor, this may not be the best way to do it. You can seek and compare conveyancing solicitors in order to get those that offer affordable but quality services.
There are three main stages involved in land or property transfer and these are mainly; before completion, exchange of contracts and completion stage.
Pre-exchange stage
Properties such as land and home can be legally transferred when the contract documents have been filled and signed. When a buyer negotiates the purchase of a real estate property and an agreement is reached, the sale can be closed by signing of contracts and also passing the ownership of the property to the new owner.
The pre-exchange stage is the initial draft contract that is conceived to be negotiated by the buyer and the seller. This contract includes information such as costs, the details of the buyer and the seller as well as deposits made against the property. Before you agree on anything, it is important that you get a copy of the contract from a conveyance reputed in dealing with property transfer process.
The exchange of contracts stage
Before a deposit is made for a property that is being bought, the buyer and the seller have to agree through signing that they have mutually conformed to each other's requirements. In this stage, a contract is signed and exchanged and then the buyer proceeds to make a deposit. This means that the two parties are legally bound and may not be able to back out of the transaction.
A transfer document is drawn and this facilitates the transfer of title of the property right from the seller to the buyer. Both parties sign the transfer documents. If the property is being bought through mortgage, the loan documents are presented. This shows that money will be available to complete the sale. In this stage, enquiries are carried out to make sure that there are no undisclosed mortgages or anything that is registered against the seller.
The completion stage
This is the last part of the transfer process. In this stage, the seller hands over the keys and vacates the building. All payments are closed and the title deeds documents are passed over to the buyer. All other costs are covered such as stamp duty and land registry. A statement of completion is issued to the buyer showing that the process has been finalized. The new ownership is then registered at the Land registry and duties are paid. These processes are handled by the solicitor.
In essence, if you are seeking for legal transfer of a property or land you are newly acquiring, you can consult online conveyancing solicitors to help you out in the process. This will help avert any disastrous situations that may arise from the sale of the property.
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