Ten Commonly Used Transport Terms Ten Commonly Used Transport Terms: A conveyance of house involves the transfer of legal title to a property from on
Ten Commonly Used Transport Terms
Ten Commonly Used Transport Terms: A conveyance of house involves the transfer of legal title to a property from one person to another. It includes exchange of contracts and completion of transactions. There is a lot of legalese involved in this process, so here are ten common terms used.
A conveyancer is a specialist solicitor who focuses on buying and selling property, and they will give advice and prepare the paperwork.
The due date is agreed in the contract, and outlines when the funds must be transferred. Upon receipt, keys are issued by the seller.
Survey and Evaluation Report
An appraisal report details the results of a property inspection that will reveal its value. A surveyor will inspect the condition of the property to determine the value. It is important to understand that an appraisal report is not a home survey.
If an adult who does not legally own part of the property lives in your home, the mortgagee will ask them to sign an ‘Occupant Consent Form’. Homebuyers who need this occupier consent form can contact a number of professionals, including Sam Conveyancing. According to Showhouse, millions of people are ready to go home as a result of COVID-19 and the popularity of remote working.
A contract is a formal legal document that details the terms and conditions of the sale and purchase. It is one of the most important components of the moving process.
A deposit is an amount that is paid by the home buyer to the seller when the contract is exchanged. The amount is usually with the seller’s solicitor.
A buyer’s first mortgage will last for 25 to 35 years and the loan amount and interest will be repaid during this period. There is a mortgagor and a mortgagee.
Freehold means an interest in land without any time limit. A freeholder is the owner of the land on which the property is built. If a buyer buys a freehold, they are responsible for maintenance.
Power of attorney
A power of attorney is used by one person to delegate legal powers and rights to another person. This applies, for example, where the seller or buyer is abroad and cannot sign the paper, so they can assign it to someone else.
Alterations to a property, such as extensions, require planning permission so an application must be lodged with the local authority.
Caveat Emptor is a Latin legal term meaning ‘buyer beware’. This means that it is up to the buyer to make inquiries regarding the property, as the seller is not legally obligated to disclose details that the buyer does not ask about.