08/06/2015
BUYING OR SELLING YOUR HOME
‘Conveyancing’ describes the legal process in terms of which rights in fixed property are registered in the Deeds Office. These rights include ownership, mortgage, servitude, mineral rights and others. All these rights vest legally in a person only once registration has taken place. The registration process, therefore, places an official ‘seal’ on a person’s rights in fixed property.
A conveyancing transaction involves a chain of steps which begins with the deeds of sale and which continues through to the ultimate registration of ownership and the reconciliation of finances and payments.
Who appoints a conveyancer?
The seller to appoint a conveyancer for a property transaction, although this, like other aspects of a sale agreement, can be varied as a result of negotiation between the parties.
The purchaser may also appoint a conveyancer to advise him or her, but these charges will be over and above the conveyancing costs submitted by the seller’s conveyancer, who will be doing the actual transfer.
Why is a conveyancer necessary?
A great deal is at stake in the transfer of fixed property. It is generally the largest single asset that a person owns and the transaction for the purchase or sale of a fixed property is probably the most important contract undertaken by individuals.
When all the checks have been made, all the procedures followed by the conveyancer and the property has been registered in the name of the purchaser, the purchaser can be assured that he or she has the best title to the property.
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