Conveyancing is the legal transfer of property from an owner to the buyer. It usually involves two phases: the exchange of contracts wherein equitable interests are agreed upon and settlement wherein ownership rights are legally transferred.
It is a high-stakes investment and is handled by a solicitor specializing in conveyancing. At Keenan and Company Solicitors, we are committed to providing all our clients with exemplary service and making purchasing or selling property hassle-free.
The solicitor's role is to ensure that the land and title deeds of the property are correctly transferred from the seller to the purchaser. The solicitor follows the following steps during the conveyancing procedure:
Sale agreed and survey of property
A surveyor researches the property and the land. This survey is conducive to a thorough understanding of the property one is going to purchase. This due diligence can avoid future mishaps like accidentally building a home on another person's land.
Letter of loan offer
The bank issues an offer letter to the buyer and their solicitor. It details the duration, amount and method of repayment of the loan and the interest rate. It must be signed and returned to the bank within 30 days for the offer letter to remain valid.
Enquiries before contract
The solicitor examines the legal documents provided by the vendor and looks for pertinent issues. These might be related to the maintenance and planning of the property. This examination is required to ensure that the property is marketable and can be sold in the future if required.
Contracts for sale
The buyer signs a duplicate contract which is subsequently sent to the seller. A binding contract is assumed when the seller signs the contract document. Hence both parties have a copy of the contract and it is considered mutually enforceable.
Finalisation of sale
Both solicitors decide the closing date of sale. This is the date when the purchase is finalized and the buyer can move into the property. The purchaser's solicitor usually conducts searches for revenue, bankruptcy and judgement. Once the solicitor is satisfied, the ownership of the house is legally transferred to the purchaser.
Stamp duty and registration of title
The solicitor has the transfer deed stamped by the Revenue Commissioner and the Property Registration Authority. The cost of the stamp may be fixed at 1% of the purchase price of the house. The owner is then incorporated into the national land registry.
Conveyancing requires thorough knowledge of property law. Hence, it is paramount for the buyer to engage the services of a solicitor to make the conveyancing procedure as smooth as possible.