The property seller will appoint this specialist solicitor to handle all the legal work involved in a title/ownership transfer. While hiring a specialist lawyer isn’t necessary for this function, due to the many mistakes you could make in these situations, you could end up spending a lot more money and wasting a lot of time rather than just hire an experienced solicitor.
Step One
Property Title - Solicitors work with the sellers concerning the title of the property. Solicitors ensure that the title will follow all compliance requirements and that the title is negotiable so that the sellers will acquire the best deal in the process. Solicitors follow all legal obligations in drafting a contract for the property.
Step Two
Fixed Property Transaction - Solicitors handle the property transaction between the buyer and the seller. Duties include outlining what each part of the contract means to the buyer and seller, emphasizing payments and other obligations required by each party. Solicitors ensure the deed of sale is signed by both the buyer and seller to seal the contract.
Step Three
Finances and Payments - Solicitors ensure all payment arrangements and fees are made during the transaction of the property sale. Solicitors handle the buyer's mortgage bond registration, if such bonds are needed between the two parties.
Step Four
Compliance and Regulations - Solicitors have a legal obligation to ensure all contracts, deeds of sale, registration of buyer's bonds and transactions conform to the compliance regulations for the company that the solicitor works with. Solicitors also ensure compliance with the real estate laws of the Commonwealth nation where the transaction occurs. Solicitors have a statutory duty to collect taxes on behalf of the taxing authority.