Conveyancing is a legal process which is conducted after a buyer obtains lawful ownership of any immovable property. Once the property is sold, it is time for drawing up and registering a deed of transfer, so as to ensure the unconditional certainty and security of the new owner’s title to the property. This process is called conveyancing.
Types of Conveyancing Attorneys
Three types of conveyancing attorneys are usually involved in the transaction process and transfer of property ownership.
Transferring Attorneys- These attorneys are appointed by the seller to represent him, and are responsible for the transfer of rights from the seller to the new owner.
Bond Attorneys or Registering Attorneys- They represent the buyer and the bank financing the purchase in all dealings. They are hired by the bank once it has granted the home loan to the buyer. Their role is to register a bond for the property in favour of the financer, i.e. the bank which grants the home loan.
Cancellation Attorneys- If the seller has taken a home loan to acquire the property, which is still unresolved; a cancellation attorney is hired by the bank which had granted the loan to terminate the loan.
Role of a Conveyancer
Any good, responsible conveyancer from a reputed property conveyancing Melbourne firm is duty-bound to perform the following duties:
- To protect his client, the seller’s interests at all times, and ensure that the client’s interests are not compromised with in lieu of any other negotiations or considerations bar legal issues.
- To keep the seller in the loop about the entire conveyancing procedure, and any developments in the transactions.
- To provide sound legal advice related to the Offer to Purchase and its contents in general.
- To notify the seller of any developments regarding notice periods or administrative charges that could offset the settlement figure by a significant amount, the cancellation of his own home loan or bond, and any penalties regarding the same.
- To ensure that the seller is on board with the transaction at every step, and to get his instruction before issuing any assurances or guarantees.
- To try his level best to finish the transaction and all related proceedings by the agreed deadline in the Offer to Purchase, or as close as possible to the same.
- To advise the seller about the contractual obligations which he is bound to carry out due to the Offer to Purchase which he has signed, and to ensure that the transfer is not delayed.
- To hold phone calls or meetings with the seller to clearly explain every clause in all provided documentation so that no inconsistencies arise during the transaction due to misunderstandings and eventual conflict of interest.
- To carefully and meticulously prepare all deeds and legal documents; which are to be lodged at the Deeds Office to minimize chances of rejection.
- To inform his client of the transfer on the day the transaction is successfully completed.
- To hand over a record of finances related to the transaction within a few days, usually two days of registration, if requested.
A conveyancer effectively carries out the duties of several advisors and assistants, and ensures that his client is kept in the loop throughout.