Have you ever wondered what a conveyancing lawyer actually does? Whenever you decide to buy a new home or sell a place, you have to appoint a conveyancing lawyer to go through a process known as conveyancing. This may seem to be an unecessary delay when all you want to do is quickly move into your new home, but it is actually crucial as the lawyer is able to not only legally transfer the title over, but advise you along the way.
Role Of Conveyancing Lawyer
Before Signing Option to purchase
- Assist to scrutinize the contract that seller or agent has proposed to see if terms and conditions are fair, reasonable and suits your requirements. There has been many instances where?buyers engage?the lawyers only after signing the option to purchase and finding out that the contract was very biased towards the sellers.
- The lawyers can also check up on important facts such as to ensure that the sellers are the rightful owners of the property and have the right to sell to you and also the tenure and size of the property.
- Assist to liase with sellers lawyers to exerise the option to purchase and setting up of conveyancing account.
After Signing Option to Purchase
- Bank loan terms, CPF application
- Undertake numerous searches to ensure that there are no legal concerns with the property, (eg. illegal alterations, building defects)
- Send out legal requisitions to all the various government authorities and departments and also to Land Transport Authority on whether there are any plans to build roads on the property.
- Ask questions to the seller to ensure you have all relevant and crucial information about the property.
- Check any formal legally binding contracts to ensure all necessary terms are included. These terms include many important legal provisions for what will occur should your seller try to pull out of the deal after contracts are exchanged.
- Breakdown of deposit, fees, stamp duty, taxes and timeline of payments
- Preparation of all documents necessary to transfer legal ownership of property to you on completion date
- Ensure that the mortgage company have sent sufficient monies to complete your purchase.
- On completion date, the purchase monies will be sent to your seller’s solicitor and you will then receive the keys to your new home.
Home Loan Whiz works with a panel of lawyers that are reliable and decently priced. Our panel of lawyers have been collated through positive feedback from customers and bankers. We are able to offer you a lower conveyancing fee than the market rate due to our high volume with these firms and strategic partnership.
If you are planning to Buy, Sell or Remortgage your property, Legal fees from as low as $2000!