Most people tend to find the role of a conveyancing lawyer quite confusing. At the first glance, most people think the purchase of a new or existing home is not complicated, and, therefore, a lawyer is not necessary. However, if you dig deeper, there are a couple complexities regarding negotiations, promises and transactions that should happen between the parties involved. We have seen a number of people who have tried to save a few dollars by not hiring a conveyancing lawyer, and they end up paying hefty amounts when things start to get ugly.
Conveyancing is not a simple matter as many presume. As a matter of fact, it is a sophisticated matrix of relationships involved. Both the buyer and the seller’s banks are vital to the purchase and sale, just as how the local authorities, agents, insurers, tenants and mortgage broker’s responsibilities are integral to the entire process.
So, what is the role of a property conveyancing lawyer?
Well, at the core of the role, the lawyer has the responsibility to enforce promises or tasks given by the parties. This role is so important that failing to honor the undertakings might make the lawyer face censure or even disbarment.
A property conveyancing lawyer has the responsibility to bring the parties responsibilities together and ascertain that every party’s concerns are met before completion of the transaction. Most of these activities are invisible to both the seller and the buyer, but it is vital to the transaction in place.
The Seller’s Conveyancing Lawyer
If the solicitor is acting for the seller, then the lawyer will make promises to the buyer’s attorney that the property ownership can and will be transferred to the buyer after purchase.
Ideally, the seller’s conveyancing lawyer should give promises to the buyer’s attorney that all mortgages will be repaid on the date of settlement.
Last but not least, the lawyer will make promises to the bank of the seller that any loan that has been secured over the property on sale will be repaid.
The Buyer’s Conveyancing Attorney
On the other hand, the buyer’s conveyancing attorney promises the seller’s attorney that the purchase price has been deposited, and there will be no reversal of funds.
As you can see, there are more to conveyancing aspect than most people presume. It is, therefore, imperative that you look for legal advice early so that you can avoid taking any unnecessary risks with an aim of saving a few bucks. Trust me! It is not worth it.
If you are considering to buy property, or you are in the process, regardless of the stage, you should not hesitate to contact reputable lawyers to make sure that you are doing everything in your transactions properly. This also applies if you are in the process of selling your property. You will be able to find conveyancing lawyers in the internet or through recommendations, but remember to hire only the reputable and qualified ones only. For more info visit: The Legal Elements.