Tips for a Successful Property Transfer Transaction

21 June 2016 by Maurice Carroll

Purchase and sale of property are sensitive transactions in the real estate industry. If done in the wrong way, a property transfer transaction can derail the entire buying or selling process. Whether you are selling or buying property, you want to ensure that the transaction runs smoothly and that both parties are satisfied. How do you do this? Here are some tips on how to undertake a successful property transfer transaction.

Inspect the property

If you are the buyer, it is vital to carry out pre-purchase property inspections to ensure the property is a sound investment. You can even hire a property inspection company to conduct a detailed inspection of all electrical and mechanical equipment, pest inspection, and plumbing inspection. An inspection can save you a headache and cost or repairing items within the property which were faulty before purchase. It can also help you negotiate for lower terms, if there are any minor faults.

Get the right professionals

The process of property transfer involves lots of legal paperwork and legal jargon with which you may be unfamiliar. For a successful transaction, ensure you have the right legal professionals by your side. The most important legal representative in this transaction is the conveyancer. Licensed conveyancers are specialist property lawyers. They undertake the following duties:

Drawing up required legal documents such as the Contract of Sale and Vendor's Settlement. They also ensure availability of documents such as the title deed and other required documents from the land registry.
Offer legal advice to ensure you navigate the process successfully.
Arrange the final details of the settlement, including the settlement date, and ensuring all payment details are in order.

You can also use a solicitor in the place of a conveyancer. Also, a conveyancer can refer their client to a solicitor in the following cases:

The existence of any legal issues that are beyond property law.
Disputes over the boundaries of the property.
Where sellers are getting divorced and are using more than one solicitor.

Ensure clear communication

The major players in a real estate transaction are the buyer, seller, conveyancer or solicitor, the finance broker, and the discharging bank. Clear communication among these parties is essential for a smooth property transfer transaction. It will also prevent any delays or misunderstanding between parties. Communicate with your conveyancer about your expectations to ensure they are met. Doing so will also help you get appropriate advice that may be invaluable in the entire process.

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