If you are living in this country then there is likelihood that you will have to get used to electronic property conveyancing or property settlement. Plans are afoot to make electronic property settlement as the chosen means by which property ownerships are transferred from the sellers to the buyers. Apart from making the whole process simpler and less time-consuming, there is also a strong feeling that it will help reduce the overall costs of property conveyancing. Though there are no exact figures as of now there is a strong feeling that those who are stakeholders in the process of buying and selling of real estate properties will be able to save almost around $250 million dollars per year once online property settlement becomes a reality.
Before getting into the details of electronic property conveyancing, we would do well to have a better understanding of property conveyancing in the first place. It is nothing but the various processes and steps that are required under the law to enable smooth transfer of ownership of the property from the seller to the buyer. The process is very complex and hence customers have no option but to hand it over to professionals who have experience, expertise, and the infrastructure to handle it. The process at the end of the day is to ensure that the buyer becomes the “registered owner” of the property. This means that the buyer’s name will have to feature in the government records. Even today the entire process is manually driven and hence there are a number of delays and hiccups along the way.
The main purpose of electronic settlement is quite simple. It is all about having a single electronic conveyancing system in place. Once this happens it will enable online property settlement without the need to make frequent visits to the property settlement office or the property valuers’ offices. It will save lot of time and customers can get conveyancing done sitting in the comfort of their homes.
The process will take care of the entire task of lodging of documents with land registrars and also online settlement of property taxes and other charges that are also payable. It certainly is a very ambitious project and it will take some time before it actually becomes reality. Apart from helping customers, there is no doubt that electronic property settlement will also make the job easier for conveyancing companies and remove any unproductive work and wastage of time along the way.
Property settlement is a very important and highly vital process whenever a property is bought or sold. Whenever other movable or immovable assets are bought and sold, the process of owner transfer does involve some paperwork. However, this is quite different as far as buying and selling of properties are concerned. The paper work involved is quite voluminous and there are other legal, statutory and compliance related matters that should also be addressed.
Hence, when buying and selling real estate properties it is quite natural for both the buyers and sellers to take the help and assistance of professional property settlement companies, agents or even individuals. For those who are new to this business the next few lines will throw some light about the various roles and responsibilities of these professionals. This will help the customers to identify the right service provider to suit specific needs and requirements.
The main job of these professionals is to ensure that the process of transferring ownership of properties happens smoothly and without any hitch. Towards this objective they go through a lot of steps. Unlike other movable and immovable assets, the value of each transaction could be quite a few thousand dollars and could even touch a few million dollars in many cases.
Therefore, both the stakeholders (buyers and sellers) would like to exercise extreme caution when going through the ownership change process. The buyer in particular would like to be more than sure that the property is perfect from all legal standpoints. To ensure this he appoints an experienced property settlement company of professionals.
The main role of these professionals is to examine the property document through the microscope to ensure that there is nothing left to chance. Particular care is taken to ensure that the property is free from easement, covenants and other encumbrances. These could have a very negative impact on the property and could impede the unhindered right to the property as far as the owner is concerned.
There are also other areas that need to be carefully looked into. These include matters pertaining to transfer of ownership from one owner to another for the past many decades or even centuries. There could also be issues pertaining to unsettled liabilities against the loan which the seller might try and conceal.
Apart from the above, there is also the need to prepare documents, vet them, get them executed from the stakeholders and also liaison regularly with government departments to ensure speedy transfer of ownership.
When buying or selling a property there are quite a few important things that have to be kept in mind. The ownerships of properties have to be transferred from the seller to the buyer. Unless this happens the entire transaction will not deem to have been completed. There have been many instances where customers have tried to complete the entire process of conveyancing process on their own and have left many loose ends untied. This is because the entire job of conveyancing is not easy and simple to say the least. There are many complex procedures and formalities that have to be completed. Furthermore since there are legal implications involved in the whole process it is quite likely that even the most knowledgeable customers will be found wanting when the push comes to shove. Hence it is always advisable and prudent to take the help and services of a good conveyancer to make the job easy and ensure that ownership transfer takes place smoothly and within a period of time.
Let us now try and understand the various roles and responsibilities of professional conveyancing companies and individuals. In simple words, there role is to go through the various processes and steps that are required under the law only after which the ownership of the property can be transferred from one entity to another. There are many processes and steps involved and it calls for the combined services and efforts of a number of professionals. The role of lawyers and attorneys is perhaps the most important and significant. They play a big role in ensuring that the legal aspects of the property in question are addressed properly. They take special care to ensure that the property is free from easements, encumbrances and other forms of covenants which could impede or infringe on the complete ownership of the property.
Secondly, one cannot also undermine and brush aside the important role of property valuers and appraisers. Their main role is not only restricted to helping the customers to have a fix on the fair market value of the property. It goes much beyond this simple task. Professional valuation reports also mention about the quality of infrastructure where the property is located. They also talk about the quality of people who are residing in and around the neighborhood. Last but not the least these valuation reports also make a mention about the state of development of various amenities and facilities where the properties are located.
Conveyancing is one of the most important tasks which help in smooth transfer of ownership from buyer to seller. This article throws some light on identifying the right conveyancer. However, before doing so it would be better if we had a reasonably good understanding of the roles and responsibilities of a conveyancer. The main job of a conveyancer to help in the entire process that is required to be gone through only after which the ownership can get transferred from buyer to seller.
The process that are involved are quite a few in number and there are a number of professionals who are also a part of it. It is therefore extremely important to put all the processes together and bring them under one umbrella. Scattering the entire process or outsourcing them would create more problems than solutions. Customers would undoubtedly be happy to see their entire conveyancing process being handled by a single person or entity instead of being handled by many in a piecemeal manner. Consolidation certainly helps in better monitoring of quality and also timely delivery of reports, returns and other services. Hence, conveyancing in other words is the sum total of the various processes that are required to be gone through from start to end to ensure smooth transfer of ownership from one person to another.
Now coming to the specifics when it is about choosing the right conveyancer, here are a few of them. First and foremost, you should look for conveyancers who have the required experience, qualification and most importantly certification. Certification is important not only for the conveyancing company but also for the employees who are a part of it. For example the lawyers, attorney, valuers, appraisers who are a part of conveyancing company should also have the required certification. As mentioned above, it is also very important to look for conveyancers who can handle the position from start to end. Piecemeal servicing should be avoided at all costs.
Given the power and reach of the internet, it is always better to look for conveyancers who are ready to use the power and reach of the internet. This will certainly be a win-win situation both for the customers and also for the service providers. While customers will see a value addition when customers offer online conveyancing, the service providers will be able to network more efficiently and build better relationships both with existing clients and also the prospects who will keep coming.
When hiring conveyancing professionals, there are quite a few important points that should be kept in mind. First and foremost it is very vital that as a customer you should have some basic information about the roles and responsibilities of a conveyancer. Whenever a property is bought or sold it has to go through various legal, compliance related and statutory steps and processes. It is therefore important to hire the right professionals who are clearly in the know about these processes. The processes include amongst other functions, ensuring the legal sanctity of the property that is being transacted upon, finding the fair and correct market value of the property in question and also taking care of the various documentations that are required for ensuring ownership transfer from one entity to another.
Once a customer has a broad idea about these major requirements that are expected of a conveyancer, it would not be difficult for him or her to choose the right service provider. To begin with a good conveyancer should be one who must be certified under the law. It is not advisable to go for conveyancing from any conveyancer who does not possess this certificate.
The next important attribute of a good conveyancing company or individual is that they should be able to offer the entire process of conveyancing under one roof. There are quite a few conveyancers who believe in outsourcing a part or the entire task to third party service providers. This is not desirable and because quality and timely submission of reports and returns could be hampered.
Experience makes a man perfect and this is well and truly applicable for a real estate conveyancer. It is therefore expected of a good service provider to have the desired experience in this field. As a thumb rule, a good conveyancer should have put in at least 10 to 15 years in this field. Experienced conveyancers would also be in a position to handle tough and complex jobs which others may not be able to do.
While there is no doubt that competitive pricing is an important attribute of a good conveyancer, this alone should not be the deciding factor. Professional conveyancers should know how to merge competitive pricing with quality services at all points in time.