Following a divorce, or as part of family planning, both Parties will enter into different kinds of transactions regarding their property. This involves legal processes that require the services of a Conveyancing Lawyer.
In this article, we will explain the role of a Conveyancing Lawyer, the type of work they undertake, and the properties that are commonly handled as part of the conveyancing process.
What is a Conveyancing Lawyer?
Conveyancing refers to the legal process of transferring the title in a property from one person to another. This involves a complicated process that can also be an overwhelming experience.
While it is possible for Parties to handle their own conveyancing transactions, this is not recommended as the detailed and highly complex process will lead to the exposure of liability and other risks. This is because some procedural steps or requirements may be easily overlooked by non-legal professionals.
As such, the engagement of an experienced lawyer who is well-versed with the conveyancing process is necessary to ensure that the lengthy conveyancing process proceeds smoothly and without complications.
A Conveyancing Lawyer is also needed to draft and review the relevant legal documents. Given that transactions involving property are one of the more important and larger financial decisions that one will enter into, it is important to have the expertise of a professional Conveyancing Lawyer.
Types of Properties Handled
The types of properties that are frequently dealt with as part of conveyancing transactions are as follows:
- HDBs
- Condominiums
- Executive Condominiums
- Landed Property
Types of Conveyancing Transactions
The main conveyancing transactions entered into when it comes to family planning or following from a divorce are:
- Purchase of property
- Sale of property
- Transfer of property
Role of a Conveyancing Lawyer
Depending on the property transaction at hand, the Conveyancing Lawyer would, amongst other things, have to:
- Take instructions from the client;
- Order title searches;
- Provide advice to client (such as on taxes or stamp duties, financing the property);
- Investigate the property’s title;
- Conduct the relevant searches;
- Prepare the relevant documents (such as Option to Purchase, Notices of Redemption, Transfer documents, and so on);
- Review the relevant documents;
- Liaise with the other Party’s (either buyer or seller) lawyer;
- Lodge caveats;
- Apply for legal requisitions;
- Respond to legal requisitions;
- Arrange for Completion;
- Prepare Completion accounts; and
- Ensure that the Transfer of property is registered.
As evident from the above, the conveyancing process is complex and lengthy. With no margin for error, it is clearly necessary to engage a Conveyancing Lawyer to represent you in the entire process.
Engaging a Conveyancing Lawyer
The first step when entering into property transactions is selecting a Conveyancing Lawyer. It is important that Parties engage an experienced Conveyancing Lawyer who has the requisite subject matter knowledge. A good Conveyancing Lawyer will be able to assist Parties in arriving at a mutually acceptable settlement and thus facilitate effective resolution of the matter.
