Conveyance is the legal term for the process by which ownership of property is transferred from one person to another. Conveyance is a legal document that ‘conveys’ a property from the seller to the buyer, thereby transferring ownership.
Generally, the most common start to a Conveyance is when someone decides to sell their property to another person. To record the terms and conditions of this agreement, the seller and buyer would sign a Sales Contract/Memorandum of Understanding (MOU).
As the property market has matured, it witnesses many new regulations being added to safeguard the interests of consumers. Each month, there are new rules being discussed, added and amended, and new regulations and new procedures are being adopted by the Government and Master Developers as well as to the requirements of the banks and finance companies which need to be satisfied.
In addition to listing your property for sale with a Real Estate Broker and showing your home to potential buyers, you must also think about finalizing the deal when you are considering selling a property. This includes going through the conveyance process. This process can be complicated and fraught with the potential to make last-minute mistakes. Therefore, most sellers will want to work with a professional who facilitates the conveyance.
There are five main stages in conveyance for a buyer:
2.Exchange of contracts
3.Between exchange and completion
Who is a Conveyancer?
Conveyancers are specialist property transfer professionals. They do not sell property. They do not offer loans. They simply deal with the process of bringing together all of the parties involved in a property transfer and ensuring that the process is handled smoothly and efficiently.
Role & Responsibility of a Conveyancer
A Conveyancer will:
• Review the MoU to understand the steps needed to complete the Conveyance.
• Help both the Buyer and the Seller to understand their roles and responsibilities, so that they can meet the conditions of the MOU.
• Deal with the Master Developer, Government departments, real estate agents and any other interested parties to satisfy the legal and commercial requirements involved in the Conveyance.
• Work with any banks and finance companies which are involved in the Conveyance to prepare them for the transfer process.