The dictionary definition of "convey" means to transport, transmit, or serve as a medium.

These are all pretty close, but we think it's easier to remember that "convey" means "move".

So, what are we moving exactly? One Main Thing, and Lots of Other Things.

 

One Main Thing

The one main thing a conveyancer is moving is the title of a property (a house, a condo, a piece of land, a commercial building) from one owner to another.

Conveyancing is the legal process of transferring this property between owners. It's an essential part of buying or selling a home, ensuring that the buyer secures title to the land and buildings together with all the rights that accompany them and is notified of any restrictions in advance of the purchase.

If conveyancing is done correctly, then a seller walks away happily with a bag of money (but no claim on the house) and the buyer now holds legal title to the house (but surrenders a bag of money).

 

Lots of Other Things

For this bucolic vision to become reality, a Lot of Other Things have to come together:

• The land title has to be successfully registered with the municipality (The Land Title Office).
• Certain charges against the title (like the previous owner's mortgage) have to be taken off title and new charges (like the new owner's mortgage) registered on title.
• Everyone has to be paid their agreed-upon fees and proceeds: the seller, the seller's lender, both realtors, both law firms, and (of course) the tax office.
• Everyone has to receive all the files, forms, assurances, and signatures required to assert their legal right to their part of the proceeds and take on or divest themselves of various commitments and responsibilities.

Whew! If this sounds like a lot, then you're catching on. Most tasks in conveyancing are fairly easy, but there are like 10,000 tasks and getting them all correct can be hard.

There's a lot of ways conveyancing can move sideways even if properly handled (and especially if it's not):

• Easements or Liens might undermine the buyer's ownership or use of the new home.
• Unforeseen levies (sometimes into the tens of thousands of dollars) might be required of an unsuspecting new condo owner.
• A seller might be faced with big fees to discharge a mortgage, pay a realtor's commissions, run various searches, and the like, shrinking the final payout and the seller's vacation plans to a fraction of their former glory.
• The law firm you work with might make a promise (called an "Undertaking," which seems a bit morbid) to a lender or the opposing firm and then completely forget its obligation - opening the firm up to legal trouble.

If you're a conveyancer, it's your job to try and end-run around these obstacles on behalf of your clients or, at the very least, make sure the clients know what they're getting into.

 

The Conveyancing Process

So conveyancing is moving a title. But what are the steps?

Every transaction is a little different, but the process a conveyance follows runs something like this:

1. The buyer and seller agree on a price and the basic terms of the deal. This is usually done beforehand through the buyer's and seller's realtors.
2. The buyer's conveyancer conducts searches and checks the property's title to ensure there are no issues that might affect the sale. This includes verifying that the seller is the rightful owner of the property and that there are no liens or restrictions on the property that would impede the sale.
   
3. The buyer and seller exchange contracts, making the deal legally binding. The realtors usually handle this.
   
4. If the buyer is taking out a mortgage, the conveyancer will work with the bank to prepare the mortgage deed and ensure that the lender is ready to release the funds at completion.
5. The buyer's conveyancer arranges for the transfer of funds to the seller, and the seller moves out of the property.
6. The buyer's conveyancer registers the new ownership of the property with the Land Registry.

All of this is usually carried out by solicitors or specialist conveyancing firms, each representing their client's interests. In cases where a mortgage is involved, the bank also becomes a key player in the process since the bank is lending a large part of the funds required to close.

 

Summary

The conveyancing process ensures a smooth property transaction, allowing both the buyer and the seller to meet their agreed-upon terms and conditions. It also safeguards the legal and rightful transfer of property, reducing the risk of future disputes regarding property ownership. Furthermore, the involvement of professionals well-versed in property law minimizes the risk of any legal issues or disputes arising later.

"Conveyancing" is "moving". It's moving a real estate property title from one owner to another (the One Big Thing) and it's moving money and legal documents of various sorts and sizes to all the parties, professionals, and businesses involved in the transaction (the Lots of Small Things).