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In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. [1] A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title).
In most Commonwealth countries, a conveyancer is a specialist lawyer who specialises in the legal aspects of buying and selling real property, or conveyancing. [1] A conveyancer can also be (but need not be) a solicitor , licensed conveyancer , or a fellow of the Institute of Legal Executives .
Conveyancing work may be performed by lawyers and/or licensed conveyancers (people who are not lawyers, but are licensed under the Conveyancers Act 2006 (VIC) [2] [clarification needed]). In Australia , licensed conveyancers are governed by consumer protection legislations and regulators of the various States. [ 3 ]
Before the passing of the Courts and Legal Services Act 1990, solicitors had a near-complete monopoly on conveyancing work. [1] The introduction of licensed conveyancers with the passage of the Administration of Justice Act 1985 did little to change the situation, [1] with no great switch in conveyancing work from solicitors to licensed conveyancers.
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g. in the case of conveyance one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred ...
2007 – Legal services expanded to include Will Writing, Conveyancing, Probate and Estate Administration. 2012 – Received approval from the Solicitors Regulation Authority (SRA) to become an Alternative Business Structure (ABS) under the 2007 Legal Services Act. [4] 2012 – Legal services expanded to include Family Law and Employment Law ...