Most people have heard of the word conveyancing, but how many understand what exactly it means?
Anyone buying or selling a house will have to become familiar with the term conveyancing, so to make the process easier, McCarthy + Co. Solicitors have broken it down in a few simple steps.
So, what is conveyancing?
Conveyancing is the transfer of the legal title of a property from one person to another. It is a complex process that encompasses all administration involved in the sale or purchase of a house. Typically, the conveyancing process begins as soon as an offer has been accepted on a property and is not complete until after the keys of the property are handed over. While the conveyancing period on most standard sales and purchases takes between eight and twelve weeks, the time can vary for each individual and transaction.
How does this work?
The conveyancing process kicks off as soon as an offer has been accepted on a property. Whether you are buying or selling a property, it is at this point you will need to make contact with and appoint a conveyancing solicitor. They will be your main point of contact throughout the process.
Your conveyancing solicitor will take care of everything upon receiving your initial instruction. There are many steps in the overall process and depending on whether you are buying or selling the property, these steps will vary.
In addition to handling contracts, title and any associated mortgage documentation, your solicitor will also carry out all necessary searches on the property to identify any potential issues. They will liaise with the solicitor appointed for the other party and organise transferring of legal title to the property, the handover of funds and the exchange of the keys to the front door!
What are the costs involved?
Aside from the expense of the property itself, conveyancing costs are an important factor to consider when buying or selling any property. You will need to pay certain fees such as stamp duty, land registry fees, search fees, property tax and solicitor’s fees. These are all unavoidable charges, but costs you can budget for as long as you know up front what you will be paying.
Conveyancing Cost Calculator
In order to offer our clients the opportunity to know exactly what they will be paying and to take any uncertainty away, we developed the Conveyancing Cost Calculator. This calculator allows you to input details about the property you are buying or selling and receive a quote straight to your inbox with a breakdown of all costs involved. To find out more see www.ConveyancingCalculator.ie.