Things To Understand About Conveyancing
The main objective of appointing various professionals under the entire gamut of process of conveyancing is to ensure that the interests of both the buyers and sellers are protected. It is quite different from purchase of other movable and immovable properties. Hence, taking the help of the various professionals is extremely important. Let us try and find out some of the important tasks that could form a part of conveyancing.
Once there is a formal acceptance of the offer by the buyer, the first task that needs to be completed is to draw up a formal sale or purchase agreement. This is a legally enforceable document and hence has the drawn up carefully. Only qualified lawyers and attorneys would be able to do a good job of it. Since, as buyers and sellers the knowledge of drafting such agreements would be very poor, they have to fall back on these professionals to do a good job that protects the interests of both the buyer and seller. Hence, it is very common for both the buyers and sellers to appoint their attorneys. Their job does not end only in drawing up agreements. It also includes looking up various documents, going in for search reports, and even physically visiting to property site to check out the presence of easements and other covenants.
Their job is to ensure that both the buyers and the sellers have correct knowledge about the market value of the property that is either being bought or sol. This is important information based on which lot of financial and other decisions is taken. It is also pertinent to mention here that apart from the value of the property, this report also plays a role in determining the property tax payable and also for fixing the stamp duty applicable.