Conveyance of property is the act of transferring the title of the property from the seller to the buyer, or the granting of mortgage on the piece of property. Basically, it is the process of selling a piece of real estate from seller to buyer. Usually, during the conveyance of property, there are two main actions: exchanging contracts and the equitable title, and the completion, where the legal title passes from one party to the other.
Why Do I Need a Conveyance Lawyer?
The conveyance lawyer is an important real estate lawyer for several reasons. This real estate attorney will perform a title search to make sure that there are no issues with it that may be exposed in the future. The conveyance attorney will also confirm that the seller actually owned the property in question, and has the right to sell it. He or she will also make a list of all of the fittings, fixtures, and other content in the house, such as appliances, fireplace inserts, heating and/or cooling systems, etc. These items are expected to remain in the house after the sale is final. The conveyance attorney or closing attorney will help set the closing date, and schedule the exchange of vital paperwork.
What the Conveyance Lawyer Does
Along with the actions described above, the conveyance lawyer, or closing lawyer checks over every document and contract of the sale process, and makes sure that they are legally binding. This can help you to avoid serious headaches in the future which could arise should any part of the sell be found to have not been legal. Included in these provisions, the closing attorney will cover what should happen if the seller backs out of the deal after you have already signed.
After having handled all of these issues, the conveyance lawyer will go over his or her findings with you, and help you to decide whether or not to proceed with the sale. If any issues, such as defects in the title, repairs that must be made, or pricing that is too high will be considered. This is when you and your attorney will decide how much you are willing to put in escrow as a deposit, when you wish your closing date to be, what repairs you want done before closing, etc. Once that is all decided, you and the conveyance lawyer will present your offer to buy to the seller. Once both parties have agreed on the terms, the sale of the house proceeds to closing, where you will be taking ownership. At this time, the taxes, fees, and such will be paid, and the sale will be final.
If you would like to know more about conveyance and the responsibilities of the conveyance lawyer, give our office a call today.