If you are planning on selling or buying property in Donegal then it just got so much more efficient with the introduction of a new conveyancing system.
The streamlined system requires buyers or sellers to involve themselves in a new ‘pre-contract investigation of title’ (PCIT) system will improve the conveyancing process by ensuring any questions relating to the property’s title are raised and resolved before the contracts are signed.
It is a fundamental change to the legal practice and procedures involved in buying and selling a property.
Michael Walsh, partner and head of property at ByrneWallace, said: “Every property sale involves a process called ‘investigation of title. It requires the buyer’s solicitor to carry out certain checks on the property’s title.
“Historically, copying and exchanging the documents needed to investigate title was a difficult task, and took place after the buyers and sellers had signed contracts.
“This means that the system has, up to this point, been structured so that queries or problems relating to the title to the property can often arise at a very late stage in the transaction,” he added.
“It is not unusual for such issues to severely delay or even completely kill a deal, which can be expensive as well as extremely disappointing.”
Mr Walsh further explained how the PCIT system will be more efficient and cost-effective for everyone involved in a property sale.
“We may also see a reduction in the time frame between signing the contract and handing the keys over to the buyer,” Walsh said.
“This will very much depend on finance being ready and available, but this new process aims to reduce or avoid the current duplication of work and effort and minimise the potential for disputes that can lead to delays in completing the sale,”
“This is one of the most fundamental changes in conveyancing practice in a very long time.”Tags: