What is conveyancing?
Simply said, conveyancing relates to the legal process of transferring the right of ownership of a property from one person, or entity, to another. However, this process can be greatly varied due to the different types of properties available and laws governing the process in each instance. Different buyers and sellers, with their different statuses and eligibility, can also bring complication to the transaction. Leases between landlords and tenants are also often brought to the attention of a lawyer (sometimes known as a conveyancer) who provides assistance in drafting contracts – especially if it is a complex and high-value transaction.
Why is everyone involved in conveyancing one way or another?
As long as human beings require shelter, societies will have rules governing land, buildings and homes. Depending on the geopolitical influences on the community, people may or may not prefer to own homes and land – but it would be very difficult to avoid having to negotiate for space to build a family, or do business, for example. Knowing the rights accorded to the homeowner, landowner, tenant and landlord protects the individuals; whereas knowing the law that governs the use of the land helps protect the rights of those who are his neighbours.
How else is everyone involved?
Real estate transactions can range from short-term leases (a minimum of 6 months for private residential properties in Singapore) to multi-million purchases of multi-storey buildings with different uses (mixed developments may involve office, retail and residential within the same building). Government authorities enforce regulations which are influenced by public policies and these regulations may be complex and costly to adhere to. Buyers, sellers, tenants and landlords may thus prefer to engage the use of professionals such as lawyers and real estate agents to assist them through their sales, purchase and lease agreements. In addition, since properties may form a good portion of personal, and or corporate assets, taxation and trust professionals (estate planners and accountants) may also be engaged to work out solutions for holding multiple properties for the benefits of shareholders and dependents.
Properties may also have issues that result from the time they were built – these faults may take time to reveal themselves. Developers, therefore, have responsibilities that extend beyond handing over the completed building on time. And conveyancing may also involve the understanding of legislations of building requirements and the obligations of developers.
How can Asia Professionals Network assist you in conveyancing matters?
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Within our Knowledge Archive, you will be able to find articles that contain a summary of basic information on conveyancing. They are not meant to be a substitute for legal advice. Some provisions of the laws mentioned may have important exceptions or qualifications. Our articles may not contain all of the information about the law or the exceptions and qualifications that are relevant to specific circumstances. Readers are advised to consult a qualified professional adviser to take into account their particular circumstances and be advised on how these laws may apply to specific cases.