Conveyancing in Melbourne is an act of transferring an ownership interest in property from one party to other. This also refers to written instrument (deed or lease), that transfer legal rights from seller to buyer.
The term real estate conveyancing or simply conveyancing is closely related to real estate, where the written contract between the seller and the buyer contains the agreed points between the purchaser and the seller. Conveyance of ownership is referred to as conveyancing while the legal representative is known as conveyancer.
Literally speaking, conveyances are the category and sale deed is the type of conveyance with in that category.
Typical process of conveyance include:
- Review of lines ( a legal claim on assets)
- Encumbrances (a claim against a property by someone who is not the owner)
- Ensuring all conditions have been met (all the agreed upon conditions by both parties should be met)
- Settling taxes and charges with party prior to transfer ( all the taxes need to be cleared prior to the transfer)
- Confirming financial transactions (the mode of payment of the amount from buyer to seller)
- Preparation of all documents: All the documents like deed, mortgage documents, certificate of lines and rest need to be made.
These steps form the major chunk of conveyancer work.
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