Legal and conveyancing refer to two critical aspects when purchasing a residential real estate property. They ensure the appropriate transfer of the legal title, from the seller to the buyer and that it is adhered to and all laws during the transaction are followed. Here’s is my detailed explanation of both:
- Legal: In the context of buying a residential real estate property, legal considerations include examining the sale contract, ensuring the property’s title is free and clear of liens or encumbrances, identifying any legal obligations attached to the property, and making sure all due diligence is carried out. The legal process also ensures that all terms and conditions specified in the contract are adhered to, and appropriate legal action is taken in case of non-compliance.
- Conveyancing: Conveyancing is the legal process of transferring the ownership of property from one person to another. It involves preparing, executing, verifying, and lodging the numerous legal documents that are part of real estate transactions. Specific tasks include, but are not limited to, researching the title of property, ensuring the rates and taxes are paid up to date, and preparing settlement statements.