Lawyers real estate conveyancing refers to the procedure of transferring ownership of a piece of property. This can be when the owner only transfers a portion to the new person or when all of the interest is transferred. A conveyance can happen when property or land is sold, and the entire ownership of that property is transferred. It also can a-occur when a gift is given, and the ownership of it is transferred. A third way is when something is inherited (also known as the succession laws). To make it simple, the law requires that any time of real estate sale has to have a contract. They are then recorded through the courts. This keeps everyone honest and avoids a breach of contract later.
There are four kinds of real estate conveyances. These are usually done with death or in a will. The first one is the fee tail. In this type of conveyance, the interest in a piece of real property is completed, but there are restrictions. The property can not be sold or transferred again. These are also called restraint in alienation. They are almost always against the law. The next kind is the fee simple. The fee simple gives full ownership to the recipient. The term is indefinite, and there are no restrictions attached. Next is the life estate. In this type of conveyance, the property is transferred either for the life of the recipient or someone else. When that person dies then the property is transferred to the one who holds the future inheritance. The fourth type is a Defeasible estate. In this type of conveyance, the property transfer has conditions. Once the conditions are met, then the transfer is either terminated or voided.
Lawyer real estate conveyancing consists of three different stages and several searches as part of one of the stages:
- The first stage of the process is the offer stage. In this stage, the buyer makes an offer, and the negotiation begins. At the end of this stage, a price is agreed on, and financial arrangements are made for the purchase.
- Next is the contract stage. In this stage, the contract is drawn up, and the conveyancer approves it. He also does the needed searches and inquiries that are necessary. After this, the mortgage offer is checked.
- The last stage is when the parties exchange contracts and deposit is paid at the beginning, At this time it is decided when the moving date will be and everything is verified. Finally, when the moving date arrives the rest of the payment is made, and the buyer gets the keys.
Several searches must take place before the final stage takes place. The local authority search is to see if there are anything against the property as well as any planning that may affect the sell. Next, there is an Index Map Search to be sure that the land is registered. Land registry searches make sure there are no mortgages or liens on the property. It also needs to be established that the property is not involved in a bankruptcy. Lawyers real estate conveyancing will take care of all this before the transfer is finalized.