Residential conveyancing is the legal process by which a property is sold by one person and bought by another. This process often involves a solicitor because most mortgage lenders require that a home buyer is represented by a solicitor when they buy a home using a mortgage. For anyone buying or selling a residential property, it’s hugely useful to involve a solicitor to deal with the legal processes involved, especially if it’s the consumers first time as a buyer or seller.
There are three stages in the process of Melbourne conveyancing by which a property is bought and sold. They are – an agreement to sell, exchange of contracts and completion of a sale. At each stage of the process, both the seller and buyer have certain obligations to meet.
A solicitor represents his client to perform all the necessary legal searches, during the agreement of selling phase. These searches mainly involve potential problems that might affect the property such as – land registry searches to ensure that the seller is the legal owner of the property and there are no prior claims on the land. A solicitor also probes into local authority searches that look for pending construction work and other issues that might affect the property. The property's water supply and report on the land on which it is built are also checked through water and environmental searches respectively.
Whether the consumer is a buyer or seller, a solicitor can provide invaluable help and advice throughout all the three stages of the conveyancing process. Hiring a professional help smoothens the dealing and is the best way to make sure each stage proceeds smoothly, without errors.
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