Saturday, January 17, 2009

Conveyancing

Conveyancing is the drafting of the documents necessary for the transfer of real property, such as deeds and mortgages. In some jurisdictions, all real estate transactions must be carried out by a lawyer (or a solicitor where that distinction still exists). Such a monopoly is quite valuable from the lawyer's point of view; historically, conveyancing accounted for about half of English solicitors' income (though this has since changed), and a 1978 study showed that conveyancing "accounts for as much as 80 percent of solicitor-client contact in New South Wales." In most common law jurisdictions outside of the United States, this monopoly arose from an 1804 law that was introduced by William Pitt the Younger as a quid pro quo for the raising of fees on the certification of legal professionals such as barristers, solicitors, attorneys and notaries.

In others, the use of a lawyer is optional and banks, title companies, or realtors may be used instead. In some civil law jurisdictions, real estate transactions are handled by civil law notaries. In England and Wales a special class of legal professional–the licensed conveyancer–is also allowed to carry out conveyancing services for reward.

1 comment:

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