A Comparison of Residential and Commercial Conveyancing

A Comparison of Residential and Commercial Conveyancing

Conveyancing is the legal process of selling and buying a property. It is the final stage of transferring a title over a property from one person to another. The property could be new or for resale. Conveyancing deals with all legal aspects of the property transaction and helps to ensure that no problems occur between the owner and the buyer.

Because the property is sold from one owner of the property to another, the process must be done legally and effectively. This is why the law involves in the whole process. The completion of the legal process is the responsibility of the conveyancer. Conveyancing is a legal process involving many steps, but they are very easy to do.

Today, we’re going to take a deep dive into conveyancing—mainly residential and commercial conveyancing. Explore the difference and understand when one or the other is necessary.

Here’s what you need to know:

What is Residential Conveyancing?

Residential conveyancing is the legal process of selling and buying a property used for residential property. It may also refer to the process of transferring a leasehold interest (i.e. a leasehold house, flat, etc.) from a lessor to a lessee.

This is because leasehold interests are just like a form of ownership, in a way. It is the process of executing or completing a property transfer from one person to another. It is negotiating a sale contract, which goes from the buyer to the seller. It includes the process that goes from the buyer to the seller, including the sale of the property and the transfer of ownership.

What is Commercial Conveyancing?

If you have bought and sold commercial property, you must have noticed that the process is not the same as residential conveyancing. In commercial conveyancing, the document is called the sale and purchase agreement. The buyer and seller, in this situation, must sign a sales and purchase agreement. This agreement states the sale of the property and the property title. There are also other aspects, like the agreement of the covenants on the property and the assignment of a lease.

Although the property may be purchased as an investment, it is rare for the business owner to occupy the property. Even if it is occupied, the property must be separated from the business. There are specific laws that apply in this case.

Residential Conveyancing vs. Commercial Conveyancing

When it comes to residential conveyancing, the process is simple. A more straightforward process compared to commercial conveyancing. However, some processes need to be followed. The main difference between residential and commercial conveyances is that the latter involves more steps. It is more complicated than residential conveyancing, which is more simplified.

Residential conveyancing is simple because it is done for a single property transaction and does not involve any leasehold interests. Many steps go into the process, and the procedures must be followed.

Residential conveyancing is completed quicker than commercial conveyancing.

Three things are needed in residential conveyancing:

1. Seller’s consent

2. Evidence of ownership 

3. Lawful contract

If you are buying a property, the process is simple. Selling a property, however, is a long process. Selling a property is a lengthy process because it involves a lot of things. Property is not just a physical or tangible asset but also an intangible one. It requires a lot of steps and procedures. The thing needed in residential conveyancing is consent, which the seller gives. It is a document that says that the seller has joined the process of selling the property.

The Bottom Line

The main goal of residential conveyancing is to complete the process from the buyer to the seller. It involves a lot of tasks, and specific steps are required in the process. The documents that are needed depending on the situation. The documents include the deed and the property transfer. That is why, to make the process easier, the documents must be prepared to avoid many problems. It is essential to find a law firm that will help you with the process.

Bickell and Mackenzie is a well-known family-owned law firm within the Redlands area. We specialise in conveyancing for buying and selling houses, commercial businesses and retirement homes, and more. You’ve found the right place if you are looking for reliable conveyancing lawyers. Contact us to learn more and get started today!

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