This section will cover what is residential property conveyancing in a real estate transaction. It will also cover the different types of residential property conveyancing and the role they play in a real estate transaction. Residential property conveyancing is the process of transferring ownership of residential property from one person to another. The transfer can be by deed, by contract, or by any other legal means that include transferring ownership. This type of transfer is usually done when the owner wants to sell their home or when they want to move into a new home and no longer own their current home.
What are the Typical Steps of a Residential Property Conveyance Transaction?
The typical steps of a residential property conveyance transaction can be summarized as follows:
- The buyer purchases property in the seller’s name with the intention to flip the property for a profit
- A buyer uses an escrow service to hold funds and make sure both parties are protected from fraud
- Escrow service sends notice of sale to the title company, which then sends notice of sale to the county recorder’s office
- The title company records the deed and send information to the county recorder’s office, which then releases the deed to the buyer
- Buyer signs deed and seller signs release of lien form, which releases the lien on the property from the previous owner.
Benefits of Hiring a Residential Property Conveyancing Agent
Whether you are a first-time buyer or looking to sell your current home, it is important to hire a professional residential property conveyancer.
It is not just about finding the right conveyancer for you, but also about getting the best value for your money. A good agent should be able to provide you with the information you need and help you make an informed decision.
A residential property conveyancing agent can save time and money by finding the best property for your needs and helping with all of the paperwork. They will also be able to find out what your legal rights are in case of an issue arises.
Why do you need a Residential Property Conveyancer in Your Real Estate Transaction?
A residential property conveyancer is an agent who specializes in the transfer of real estate. This includes the sale, purchase, and lease of real estate.
They are also known as real estate agents (REA). They provide services such as property searches, marketing, sales, and leasing.
A residential property conveyancer is not a lawyer or a licensed broker. The only requirement for becoming a residential property conveyancer is to have passed the Property Law Examination Board (PLEB) examination.
The Top 4 Things to Avoid in Residential Property Conveyancing
- Don’t be afraid to ask for help. Professional conveyancers have a wealth of knowledge and can provide guidance when you are uncertain about the process.
- Make sure that you understand the basics of conveyancing and the types of documents involved before you start.
- Avoid making assumptions about what is required or not required, as there are many exceptions to this.
- If you’re still unsure, seek expert advice from your solicitor or conveyancer before proceeding with your purchase.