This is the first part of 12 essential key terms you should understand in conveyancing.
Conveyancing work is a relationship between 3 people – the conveyancer, the owner of the title (you) and the owner of the other title (the seller or buyer).
Here are the first 3 key terms to help you understand what is ‘conveyancing’ really all about:
This is a word that derives from the verb to convey. No, it has no connection with house or property. It actually means ‘to carry’ something, an object. It also is the concept of mentally carrying meaning with the use of a word. But in law, although it also conveys the idea of ‘carrying’, it is in fact about the transfer of a title (property) from one person to another.
The first and most important person you’ll need to contact and communicate with, throughout the process of buying or selling a property. The conveyancer is the legal expert who will carry out searches and all legal work in preparation for the transfer and transaction of a property. But did you know that a conveyancer may not necessarily be a solicitor or lawyer? Conveyancers need to be licensed in order to carry out the legal preparation of paper work that transfers the title and ownership of a property.
Or just Title. It is the deed or legal document of the property ownership. Even if you don’t reside in the property, the Title will have your name on it showing right of ownership. The Title is in the public records of the property’s location county. If the property is mortgaged, then the Title Deed will be with the mortgage lender.
Your conveyancer will have to contact the mortgage lender in writing and request information regarding your title deed. In simple terms, the Title Deed is legal proof that you’re the owner of the property. The mortgage lender holds the document as a ransom so to speak. Until the mortgage is paid in full, the mortgage lender has some level of authority over it. It can repossess the property because of failure of mortgage payment. So when the conveyancer begins the conveyancing work, they need to communicate with the mortgage lender, ensuring that the title can be sold.
Please keep an eye on our blog because we’ll be helping you understand conveyancing jargon that can sometimes be overwhelming. If you are planning to buy or sell property, please give us a call and speak to one of our conveyancers or conveyancing solicitors. SG
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