Summary: While many of us might have heard about property conveyancing, we will have a closer look at it and find out reasons why it is considered so very important.
Whenever there is a need to buy or sell a real estate property, there are quite a few important points that must be kept in mind. It is not like buying or selling any other movable or immovable assets. There are a number of legal, compliance and other matters that have to be complied with. There are many government and regulatory authorities whose rules and regulations must be met so that as buyers and sellers of real estate property, we are always on the right side of the law. There are also many instances where sellers fudge documents and records which could turn out to be disastrous for the buyer. Hence, there is always the need to take the services of professionals as far as the various processes and steps pertaining to real estate conveyancing is concerned.
First and foremost we must understand that conveyancing is not just one particular process but comes with a number of steps and processes attached to it. The entire sum total of these processes is what is called conveyancing. It involves the services of many professionals the most important of them being real estate lawyers and attorneys, real estate valuers and appraisers, property document specialists and property managers. Each of these professionals have specific roles to play and most importantly each of these roles are closely connected with one another. It is therefore important to fin the right professionals who will work in perfect unison and harmony so that the entire process of ownership transfer happens perfectly and with very little loss of time.
Now coming to the various roles that are performed by the important professionals, let us have a look at the role of lawyers and attorneys. Their role is very critical because it is all about ensuring that the property in question is legally perfect and there are no grey areas or areas of problem. For example, a good lawyer will ensure that the property is free from easements, encumbrances and other covenants which could come in the way of unblemished and total ownership of the property concerned. Further the role of valuers is also important because they play a big role in helping finding out the fair market value of the property that is either being bought or sold.
There are several procedures and formalities that have to be gone through when one decides to buy or sell a real estate property. Almost all these procedures are not easy and in most cases not comprehensible for ordinary real estate customers. It is therefore only natural for customers to take the help of professionals to go through the entire process. However, the job of identifying the right service provider is very important because it could make a difference between smooth transfer of ownership and complication of matters. Given the fact that there are literally scores of real estate conveyancers, the task of identifying the right service provider is not very easy. As a customer you should know what the important points are to look for when identifying conveyancers. Let us try and list down a few important tips that could help us to identify the right conveyancer which is so very important.
A good conveyancer is one who has put in at least 10 to 15 years’ of experience in this field. While there are other attributes like qualification and skill set it has been proven time and again that having the right kind of experience and exposure in this field can go a long way in making things easier for customers. They will be able to handle even the most complicated cases to the satisfaction of the clients. Apart from experience one should also pay attention to timely delivery of services when it comes to hiring conveyancers. Almost each and every process in conveyancing requires timely completion and therefore adhering to timelines is very important to say the least.
Any good conveyancing company should be a one stop solution for all matters related to the various procedures involved. They should be able to handle the entire process from start to end without depending too much on outsourced professionals and talents. While some bit of outsourcing may be unavoidable, the crucial areas of conveyancing should always be under the direct control of the service providers. Any conveyancing company that is professional will certainly have their own team of property lawyers and advocates and also real estate appraisers and valuers.
Last but not the least cost is a very important factor that sets the lions apart from the rabbits. While being competitive in the price front is extremely important, as conveyancers you should know where to draw the line between pricing and quality. Rock bottom pricing with poor quality is a perfect recipe for disaster both for the customers and also the service providers.
There is little doubt that without proper conveyancing, it would be virtually impossible to transfer property from one entity to another. Hence, whenever a decision is taken to buy or sell a real estate property, the first thing that is done by both the parties is to identify the right conveyancing company or professional. However, this is not an easy job for some simple reasons. First and foremost as a customer it is important for you to understand what conveyancing is all about. Unless you know your requirements properly, you will not be able to identify the right service provider. Secondly it is also important for you to have a clear understanding about the various attributes of a successful property conveyancer. This is very vital because today the market if flooded with property conveyancers and separating the grain the chaff is not an easy task.
Let us first get started by understanding what exactly conveyancing is all about. It is the sum total of the various steps, formalities, processes and requirements that must be gone through only after which the property gets transferred from the seller to the buyers. Since there is a need to interact with the government authorities and meet some compliance related and statutory requirements, the entire process of conveyancing has to be handled quite carefully. It is not possible to undo any damage and hence each and every step has to be treaded with caution.
Now coming to the ways and means to identify the right conveyancers, here are a few tips and suggestions that could be very helpful:
While we might be busy talking about residential apartments and plot for buying and selling, we must also be aware that an equally number of commercial and office premises are bought and sold each day. As is the case with residential apartments and properties, when it comes to commercial properties, there are quite a few processes to be gone before the ownership get transferred from the seller to the buyer. The issues that form a part of commercial property settlement are significantly from that of domestic properties. Let us try and get to learn more about it over the next few lines.
The sheer size of commercial properties is something that has to be kept in mind. Even small sized commercial properties could run into thousands of square feet and big one could be quite huge to say the least. The properties could have been built on land that could have belonged to more than one person. Hence when it comes to property settlement, the solicitors will have a tough time to say the least. They may have to look up property agreements from more than one previous owners and establishing a clear link from one seller to another could be a daunting task. It would certainly call for putting a lot of experienced and capable hands on the job.
Further the legal requirements that have to be fulfilled are quite different from domestic properties. Apart from outright purchase of properties in many cases there could be long term leases which also the solicitors will have to take care. Further there could be the need to value agricultural land and commercial land. The yardstick for valuation of these different types of land are quite different. Mixing up one with the other could create lot of problems and could even put to risk the entire project.
The time required for completing the entire formalities of commercial property settlement are very less when compared to domestic property. Hence, the property settlement companies and agents have to work overtime to complete the entire conveyancing process as early as possible and without any loss of time. Even small delays could cause huge financial setbacks to the various stakeholders. Further, the number of documents that need to be executed are more when compared to domestic properties. Hence, taking all these points into account, only qualified, experienced and capable property settlement companies will be able to handle these complicated commercial conveyancing processes.
Valuation of property is very important both for the seller and the buyer. While the seller will be able to get a stamp of authority as far as the fair market value of the property is concerned, the buyer will be in a position to know whether he is buying the property at the right price. Hence, whenever a decision to buy or sell a property has been taken, the first service provider who steps in will mostly probably be property valuers and appraisers. They are a very important spoke in the entire real estate buying and selling process. It is not very easy to transfer the ownership of a property if a property valuation of the property is not done. In this article we will try and find out what are the various factors that help property valuation and the things that should be kept in mind for getting the right type of valuation done.
When it comes to sellers, there is no doubt that they would like to get the maximum value for the property. However, this does not come easy and there are some things that must be done by them. Valuers take into account quite a few things and only then come out with the valuation report. Hence, it is important for sellers to keep these factors in mind and act accordingly. The list could be quite big but here are a few important points that one could take into account.
First and foremost location plays a very important role in property valuation. Hence, the onus should always be to look for properties that are located in the right place. However, if is an already existing property that is being planned for sale nothing much can be done in terms of location. However, there are quite a few other things that one could look into.
For example, the quality of the interiors, the kind of fixtures and furniture that are being used, the swimming pools, the quality of garden and backyard are all factors that could help in increasing the value of home. Even small things like water harvesting and water management methods, energy saving systems and the insurance premiums being paid also have a big bearing on the value of home. Hence, when valuing a property all these peripheral issues should be addressed while paying attention to size, location and other such fundamental factors.