The Conveyancing Process: An 8-point Checklist

The Conveyancing Process

The conveyancing process involves substantial organization of legal documents in preparation for the property transaction, collaboration with various parties and complying with all necessary statutory requirements. This 8-Point Checklist will be useful for property sellers or buyers who are seeking to understand how the conveyancing process works when transferring legal title in Barbados.

What is Conveyancing?

Conveyancing involves the procedure and activities involved in legally transferring a property from one property owner to another. During the conveyancing process a number of legal requirements must be fulfilled before the property can be effectively transferred to the new owner.

In order to help you with understanding an overview of the process, we have prepared an 8-Point Checklist, with the view of providing brief details on the transactions and documents that are used in the purchase or sale of real estate in Barbados.

Step 1: Provide your attorney with instructions to proceed

The first step is to provide your attorney with proof of your identification & your address; a copy of the offer form or offer letter for the purchase/sale; details on the other party or parties involved in the transaction and their attorneys as well as any other documents required to move forward with the process.

Step 2: Searches & Requests Made

Once you have supplied your attorney with the information from above, your attorney will likely receive a draft contract, copies of the title deeds and other important documentation regarding the property. All relevant searches regarding the property will also commence and a report on the searches will be prepared. Your attorney will also make further queries regarding the property as required.

Step 3: Confirmation of Deposit Payment

Once the contract has been approved, arrangements will be put in place to facilitate the payment of the deposit. A deposit of 10% is usually required at this stage. If the property is being purchased subject to a mortgage, the details of the financial institution will also be required.

Step 4: Survey arrangements made

The parties will confirm whether a new land survey will be conducted by a qualified Land Surveyor and whether a new plot plan and/or boundary certificate will be required at the completion of the transaction.

Step 5: Signing of Contracts

Once the contract for sale is in order, the clients sign the document, which is legally binding on all the parties who sign. The attorney will then prepare for the documents to be exchanged between the parties.

Step 6: Requisitions & Preparation For Completion

Your attorney will then make sure that title to the property is in order as well as conduct a number of queries and requisitions for information and/or documents. At this stage, once the attorney is satisfied that there is nothing adverse affecting title, the following documents will be prepared: Conveyance, Mortgage Deed/ Deed of Release (if required), change of ownership documents, property transfer tax documents as well as other incidental legal documents.

Step 7: Completion

At this stage, arrangements are made for the following: execution of all necessary documents to complete the sale; transfer of the completion funds; preparation of the keys to the property (if a building is being transferred); and the meter readings for the property are also noted.

Step 8: Tasks after the closing of the transaction  

Once the transaction has been completed, your attorney will provide the details on the registration / recording of title as evidence of the transfer. The parties will also receive a completion statement with details of all the costs involved to complete the transfer. Further, the name(s) and address for the property will also be updated for tax purposes and the utility provider will also be provided with details on the new owner(s).

Questions?

Thank you for taking the time to go through this 8-Point checklist, which provides a general overview of the conveyancing process. We hope you find it useful!

If you are a potential purchaser or seller that has further questions about the conveyancing process in Barbados, our office would be delighted to speak with you about your particular concerns. To find out if we can be of assistance, kindly contact us our office by clicking here.