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.