Compliance Is Key for Growth of Conveyancing Industry

An effective compliance strategy will boost the real estate sector by ensuring estate agents provide a smoother, quicker and more cost-effective conveyancing service, according to an industry expert.

Paul Offley, Compliance Officer at The Guild of Property Professionals, believes that focusing on compliance obligations will benefit all parties involved in conveyancing transactions and contribute significantly to the sector’s overall economic growth.

“A compliance strategy can assist agents to create a time-efficient process that does not compromise on the thoroughness and accuracy required in property transactions.

“A balance between efficiency and compliance is essential to maintain the integrity of the process,” he said in an article in Property Reporter.

Compliance plays a crucial role in ensuring a smooth and efficient conveyancing process, Offley believes, who asserts that estate agents should focus on giving buyers as much material information as possible upfront.

“By promptly disclosing material facts and potential issues related to the property, estate agents allow conveyancers to address these matters early on.

“This proactive approach minimises delays, prevents surprises later in the transaction, and enables conveyancers to take appropriate actions promptly,” he said.

By avoiding compliance-related issues, such as incomplete or incorrect documentation, estate agents help conveyancers focus on the essential aspects of the transaction, reducing the risk of unnecessary delays.

Offley suggests paying attention to relatively small details can have a big impact on confidence in the market and can streamline the entire conveyancing process. “For example, using full names in the sales memorandum rather than restricting it to initials, will help the conveyancer identify the parties involved.

“Having all the details means that conveyancers can quickly assess the property’s status and identify any potential legal issues, enabling them to expedite the conveyancing process,” he said.

Encouraging sellers to appoint a solicitor at the point estate agents start to market a property can also considerably reduce the time it takes for a transaction to move through to exchange.  

“Estate agency compliance is not only about fulfilling legal obligations but also about creating a conducive environment for efficient property transactions. By providing upfront material information, making timely disclosures, and adhering to regulatory requirements, estate agents support conveyancers in their role and contribute to a smoother and more expedient conveyancing process,” said Offley.

Read the full report here.

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