Conveyancing means a legal action/transaction which binds the seller and the buyer to finalise the transfer of real property from the seller to the purchaser in lieu of some consideration for the seller.
This act of transfering an ownership interest in real or personal property involves a written instrument viz.deed or lease or mortgage on the basis of a written contract between both parties ,the buyer pays the agreed upon price to the seller on the date of actual transfer of the interest in real property or fulfilment of obligations of the interested parties. If either party fails to give effect to the contractual obligations of the transaction,the other adversly affected party can approach the court for enforcing the contract or relief/damages.
Legal procedure of conveyancing is, thus, performed by a licensed Conveyancer under the provisions of Conveyancers Act 2006 ,by involving any of the following transactios:
- the sale of a free-hold interest in land;
- the creation, sale or assignment of a lease-hold interest in land;
- the grant of amortgage or other charge.
Section 4 of the Act ibid further lays down that the Conveyancing work includes;
- legal work involved in preparing any document (such as agreement,conveyance,transfer,lease or mortgage) that is necessary to give effect to a transaction, of a kind, referred to in sub section (1);
- legal work (such as the giving of advice or the preparation ,perusal,exchange or registration of documents) that is consequential or ancillary to a transaction,of a kind , referred to in sub section (1);
- any other legal work that is prescribed by the regulations as constituting conveyancing work for this Act.
At Sydney Conveyancing we ensure that the buyer is informed , well in time, of any restrictions on the property such as mortgages and liens and assures the buyers of clean title to the property.