Basic Concepts

What is “conveyancing”?

Conveyancing is simply the transfer of title from one person to the other.

“Joint tenants” v “Tenants in common”?

Joint tenants means if one of you passes away, the title automatically goes to the survivor. Each joint tenant shares their right with the other joint tenant(s) of the whole property and this is most commonly used for partners. Tenants in common on the other hand is where if one of you passes away, the title goes to those named in your will. Each owner has a separate share in the property and can be in different proportions.

What is “time is of the essence”?

This is a commonly used term in the conveyancing process which essentially means that time is critical in conveyancing transactions. You must give notice within strict timeframes where failure leads to termination rights.