Real estate conveyancing refers to the act of transferring property from one party to another. It is a term that is frequently used by the real estate industry. It is a contract that provides the written proof that a property has been transferred. It usually mentions the price at which the property was sold and the date on which the property was transferred.
A conveyancer in Melbourne uses a legal document such as a contract, title, lease, or a deed as an instrument of conveyance. The document stipulates the agreed-upon purchase price and date of actual transfer, as well as the obligations and responsibilities of both parties, including the purchase date, date of transfer, and any other terms and conditions associated with the sale. The documents provided for conveyancing typically include the deed, mortgage documents, certificate of liens, the title insurance binder, and any side agreements related to the sale.
The process behind a typical conveyance includes a review for liens and other encumbrances. It ensures all conditions have been met, settling all taxes and charges with the appropriate party before the transfer, confirming financing, and preparing all the documents for final settlement.
Real estate transactions often incur a tax called a conveyance tax or a real estate transfer tax. This levy is imposed on the transfer of property at the county, state or municipal level. A settlement agent coordinates all paperwork and conditions required for the closing of a financial transaction. Recording fees are often levies charged by government institutions to document real estate transactions to make them a matter of public record.
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