What Are Conveyancing Searches? Do You Really Need Them?

What Are Conveyancing Searches? Do You Really Need Them?

Conveyancing is integral to the successful transfer of any property. This is why you must ensure that all legal requirements are met. Conveyancing searches are essential to ensuring that the property is free from encumbrances that could affect or delay the successful transfer. They are also crucial for mortgages.

What Are Conveyancing Searches?

A conveyancing search can be described as searching all public records to ensure that the property is free from any encumbrances. These encumbrances can be legal or non-legal, and anything that has an effect on the property can be a legal encumbrance. Anything attached to the property that cannot be removed without a court order is deemed an encumbrance.

The search is performed on the title of the property. It is usually done to eliminate any uncertainties about the title, which is vital for property transfers. The search can be done for the property you are buying, the properties you are selling, assets, businesses, and other real estate-related transfers.

Why Do You Need a Conveyancing Search?

Conveyancing is a legal requirement for real estate transactions. The essence of a conveyancing search is to ensure that the seller has clear title over the property and that the seller has not sold the property to more than one party.

This is crucial for the conveyancing process. If the seller has sold the property to more than one party, they are considered a seller on record, and the property cannot be transferred to you as the purchaser until all of the parties pay the seller. If the seller has a mortgage on the property, the property cannot be transferred to you as the purchaser until the mortgage is paid off.

Another risk that a buyer takes when not getting the title search done is that the property might be encumbered. You will not be aware of the encumbrance since you do not know about it. The limitation might affect your ability to sell or transfer the property. This is usually due to unpaid taxes or loans due on the property.

A conveyancing search will help you avoid any problems with the sale of the property. If you are buying a property with a mortgage, the title search will ensure that the property is free from encumbrances that could affect the mortgage.

The search also ensures that you are not paying an inflated purchase price. Conveyancing guarantees that there are no hidden problems on the property.

What Should You Consider During a Conveyancing Search?

If you are buying a property, you should ensure that there is no judgment against the property. A judgment against the property means that the property has been sold before, and the debt is still outstanding. The judgment will be recorded against the title of the property.

If there are other encumbrances, the title search will assist you in knowing who to pay if you are buying the property. A conveyancing search will also help you know whether the property belongs to a religious institution that might have an objection to its use as a residence. This is a very rare case, but you should know about it before buying the property.

If you are selling a property, you must record any encumbrances against the property. As the seller, you should record the encumbrances so that you can be paid before the property transfer. The encumbrances might include loans, mortgages, and any other property attached to the property.

Conclusion

In conclusion, a conveyancing search is crucial for property transfers. It will help you to avoid any problems when transferring properties. It is also a legal requirement.

Are you looking for conveyancing lawyers in Redland Bay? Turn to Bickell and Mackenzie. We are a well-known family-owned law firm specialising in conveyancing, estate administration, and family law. Contact our team today.

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