Conveyancing is the process of transferring ownership of real property from one party to another. It involves a series of legal and administrative steps that must be taken to ensure that the transfer of ownership is legally valid and binding.
In property law, conveyancing typically begins with the preparation of a contract of sale or purchase agreement, which outlines the terms and conditions of the transaction. The contract is then signed by both parties, and the purchaser usually pays a deposit. There are typically 5 stages involved in sale of land in Nigeria namely the pre-contract stage, contract stage, post contract stage, completion and post completion. Once the contract is signed, the parties move on to the next stage of the conveyancing process, which typically involves the following steps:
- Property searches: Searches are conducted to check the legal status of the property, including whether there are any restrictions on its use, outstanding mortgages or liens, or any other encumbrances.
- Property inspection: The purchaser may arrange for a property inspection to assess the condition of the property and identify any issues that may need to be addressed before the sale can be completed.
- Title transfer: The transfer of title involves the legal transfer of ownership of the property from the seller to the purchaser. This is typically done through the execution of a conveyance document, which is registered with the relevant government authority.
- Payment of fees: Fees must be paid for various services associated with conveyancing, including legal fees, stamp duty, and registration fees.
- Settlement: Settlement is the final stage of the conveyancing process, where the purchaser pays the balance of the purchase price and takes possession of the property.
Overall, conveyancing is a complex process that involves numerous legal and administrative steps. It’s important to work with a qualified and experienced conveyancer or solicitor to ensure that the process is completed correctly and efficiently.