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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).
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 ]
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.
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).
In property law, title is an intangible construct representing a bundle of rights in (to) a piece of property in which a party may own either a legal interest or equitable interest.
In Hong Kong, there is a statutory definition of "encumbrance".In Conveyancing and Property Ordinance (Cap. 219) it reads: ""encumbrance" (產權負擔) includes a legal and equitable mortgage, a trust for securing money, a lien, a charge of a portion, annuity, or other capital or annual sum; and "encumbrancer" (產權負擔人) has a meaning corresponding with that of "encumbrance" and ...
The Authorised Conveyancing Practitioners Board is the regulatory organisation and professional association for authorised conveyancers in the United Kingdom. Created in 1990 by the Courts and Legal Services Act 1990, the Practitioners Board oversees authorised conveyancers in the United Kingdom, advising the Lord Chancellor on conveyancing matters, regulating authorised conveyancers and ...
The main purpose of a local search is to protect property buyers from any unpleasant eventualities that could affect their use and enjoyment of the property or which may have an effect upon its value (for purchaser and potential lender), and therefore is a key element in the conveyancing process.