Conveyancing refers to the process of preparing the required legal documents when selling a property. This process should be gone through by both buyers and sellers, although there are differences in the legal obligations involved on every side.
If you are looking to sell your property, you should revisit the conveying process and the requirements you should meet. This can help you avoid financial and legal pitfalls. As a seller, you have to take various responsibilities in the conveyancing process. These include:
Prepare Certain Documents
Usually, as a seller, you will have to prepare the contract of sale. For this, you can get the help of a conveyancer or agent. Depending on the sale’s nature, you should get the right professional to help you. For instance, when selling private property, your agent will prepare the contract. But, when you prefer to go to auction, you can ask a conveyancing solicitor to make the bill of sale. Also, you should offer a vendor’s statement that a conveyancer will write up for you. Other documents to provide include the certificate of title. Learn more www.rivercityconveyancing.com.au.
The conveying process has more legal obligations to be met by both seller and buyer. A number of the factors can vary depending on the circumstances. For instance, if a property is rented out to a tenant, the seller will notify their tenant to leave the property by a date agreed upon if he wants to solid it as a vacant property. Rental property owners usually team up with property management companies to give them advice. As a seller, you must make sure you turn over your property in its original shape, as detailed in the contract of sale.
The services of a conveyancing solicitor can be slightly expensive; however, keep in mind that they have in-depth knowledge on the particular area of conveyancing. Often, you will pay less for such services when you compare them with what buyers will pay. The more tasks your conveyancer will have to do could reasonably mean higher fees to be charged to you.
As a seller, you may have to deal with higher disbursement costs than buyers. This is because the conveyance will have to do their homework more thoroughly to create a seller’s statement. Sellers have the legal and contractual obligation to offer such information and must pay for the compulsory searches necessary for supporting such a statement.