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Understanding Conveyancing: The Key to Property Ownership

Owning a property involves more than just signing an offer to purchase or making a payment. True ownership is only obtained through the registration of the property in the buyer's name at the Deeds Registry Office. This legal process is known as conveyancing.

Conveyancing ensures the security and certainty of an owner's title to their property. Whenever a property is sold, a new deed of transfer must be drawn up and registered. This process involves three types of conveyancing attorneys who play vital roles in the property buying/selling process:

1. Transferring Attorneys: These attorneys represent the seller and facilitate the transfer of the property from the seller to the buyer.

2. Registering (or Bond) Attorneys: Representing the buyer and the bank providing financing, these attorneys register the bond over the property in favor of the bank.

3. Cancellation Attorneys: Appointed by the bank canceling the seller's home loan, these attorneys handle the cancellation of the seller's existing home loan on the property.

Conveyancing can be a challenging profession, with conveyancers and their staff often under immense pressure to meet client expectations. While they coordinate the process, they rely on various entities, such as banks, city councils, revenue offices, and local deeds offices, to fulfill their responsibilities, including furnishing bond instructions and rates clearances.

The conveyancer's role encompasses more than 50 activities involving up to 12 parties, all integral to completing a property transaction. Remarkably, the number of estate agents often outweighs conveyancers by 25-1 in many towns. Despite this, the conveyancer remains the driving force behind your property transaction, managing all parties involved and assuming responsibility for collecting and disbursing funds.

As a seller, it is essential to know what to expect from your conveyancer:

- Protecting your interests above all else, ensuring legality.
- Informing you about the conveyancing procedure and keeping you updated on the transaction's progress.
- Providing guidance on the Offer to Purchase, particularly regarding suspensive conditions.
- Advising on the cancellation of your bond and any penalties or administrative charges that may impact settlement figures.
- Seeking your approval before issuing any guarantees related to the transaction.
- Striving to register the transaction promptly, in line with the agreed-upon timeline.
- Guiding you on your obligations as outlined in the offer to purchase, preventing delays in the transfer process.
- Meeting with you to explain and sign the necessary documentation for the transaction's conclusion.
- Preparing the deeds meticulously to minimize the risk of rejection by the Deeds Office.
- Informing you about the successful transfer on the day of registration.
- Providing a comprehensive financial account within two days after registration.

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