There is no doubt that buying a property and that too for the first time is a unique and memorable experience. For almost each one of us it is the most expensive purchase that we might have been into. However, we should also bear in mind that the entire process is extremely complicated and difficult. Starting from the time we make a decision to buy a property to the time the property gets transferred in our name, there are quite a few challenges and pitfall along the way. It would be wrong to assume that buying a home is all about looking up a few apartments or homes, paying for the same and walking away with the ownership. We have to bear in mind that buying a home is not the same as buying other movable and immovable assets.
Apart from the task of identifying the right property and getting a banker to finance the mortgage loan for buying it, there are other pieces in the puzzle that must be put in place. The process that we are going to talk about in this article is referred to as property conveyancing or property settlement as it is also referred to. There is no doubt that this is a highly important and mandatory process without which it would not be possible for the ownership to be transferred from the seller to the buyer. Hence, both the buyers and sellers have a lot at stake in ensuring that the entire process of property settlement goes ahead smoothly. While trying to understand the importance of conveyancing, we will also try and have a better idea about property settlement in the first place.
The entire process of property conveyancing starts once the buyers and sellers have decided in principle to enter into a commercially relevant and legally enforceable contract. This is usually signified by signing an agreement to buy or sell the property as the case may be. Once this document is signed by both the stake holders the process of conveyancing gets started. There are many professionals who could be involved in the entire process of property settlement. For example, the legal aspects of the property are taken care of by property lawyers and attorneys. On the other hand the valuation part of the property is handled by property valuers and appraisers. When it comes to drafting agreements and other such property documents, the role of document specialists becomes very important.