Property owners should identify the critical stages in a conveyancing transaction. FILE PHOTO | NMG
Experts recently called for more education and dissemination of
property laws to facilitate its understanding by small investors. This
is because they get affected the most when property companies go under.
They also risk losing personal property due to uncertainty on
authenticity of
land titles.
land titles.
The trap of dubious
documents can be avoided by Kenyans and property owners by understanding
more about general principles of conveyance laws and familiarising with
concepts and protocols of these laws. Kenyans have lost property
through improper transactions. Consequently, it is important for them to
conceptualise conveyance as a process by which legal title to their
property is transferred.
Property
owners should identify the critical stages in a conveyancing
transaction and ensure they can plan and complete all the stages of a
freehold or leasehold conveyance.
Knowledge of land law
is presupposed while knowledge of contract law, succession law and
equity is critical. It’s usually advised that a competent authority in
legal matters be roped hence the need to appreciate the role of a lawyer
as the necessary intruder in conveyancing transactions.
Conveyancing
may also involve a simple modification of title or even an involuntary
transfer of an interest, for instance sale by a secured lender. The
three critical ingredients are thus the legal title, the process, and
the transfer or modification of title.
There are procedural and substantive aspects of conveyancing.
Procedural aspects cover the processes followed in property transactions
and the substantive law defines rights and responsibilities.
The
legal title or interest to be transferred or modified must legally
exist and the seller must have that legal right. Consequently, legal
process demands that a buyer or his legal representative investigate and
ascertain that the title is legal.
A conveyance
describes the document used to effect the conveyancing, and conveyancer
describes the qualified professional or specialist lawyer on paper work
and finances.
The role of the conveyancer is to represent the buyer, seller or lender.
The
conveyancer must, however, be qualified according to the Advocates Act
and hold Advocates Practicing Certificate to be allowed to prepare
documents and to facilitate a transaction.
No comments :
Post a Comment