Solicitors (those where we live and practice, at least) know what a three-way closing is. It is from the field of conveyancing. Conveyancing is the process wherein solicitors prepare documents for the sale, purchase and mortgaging of land and buildings. It is of such public importance that, in Ireland, only a solicitor (and occasionally a barrister) may do the work. The restriction is justifiable; the cost of a house or other such property is so great and of such importance […]
Solicitors may or may not be from Hell, but there will be occasions when, to Hell they must go.
There is a problem however with most mortgage loan approvals; they do not guarantee the actual provision of the money. They are subject to conditions and the offer of finance can be withdrawn before drawdown.
It is surprising that NAMA’s business plan has overlooked the possibilities of souvenir land sales.
Solicitors acting for land/building purchasers deliver “Requisitions on Title” to the vendors. The requisitions are direct questions addressing a range of issues of possible concern. Now that there is little or no conveyancing to be done it would be best to look at the process now and again to keep it fresh in the mind of the profession.
To hand over the key beforehand is to hand over possession. If a purchaser gets possession before parting with the purchase money there is a great temptation to evade or delay the handing over of the purchase money, at least until it suits the purchaser.
That wheeze, as we now know, also meant the âinvestorsâ? no longer knew the details of the mortgagor and whether he/she could make the repayments. That meant that very bad credit risks could be, and were, passed on as âinvestmentsâ?, resulting in the US sub-prime mortgage crash.
mprobable as it would seem, it is possible to find analogy for Two Gunâs mistake and predicament in conveyancing. (âConveyancingâ? is the lawyersâ term for the process of buying and transferring ownership of land and buildings).
The Conveyancing Committee is comprised of working solicitor members (working in private practice) brought together by the Law Society of Ireland to give guidance, and set procedures, in the resolution of questions that may arise in conveyancing transactions. Conveyancing is what lawyers do when transferring or mortgaging land or buildings. The members are unpaid for their work. They are, of necessity, deeply involved in conveyancing practice and, of course, earn their living from doing so. They tend not to belong […]