What is conveyancing? It simply means transferring ownership and rights of a property to another individual, usually from a seller to a buyer, through lawful means. However, when talking about residential and commercial conveyancing, conveyancing may lead to different things. This is due to the nature of the property itself, where a residential property revolves around a piece of property meant for living in, while commercial properties are meant to become industrial property, an office building, and the like.
That said, let’s delve deeper into residential and commercial conveyancing, talking about what the two are about:
What Is Residential Conveyancing?
In Australia, residential conveyancing is the conveyancing of a property meant for a single residence. This means a place where a person or a family can live. The fact that it is a place for a single residence means that it is usually made up of a house, a flat, and condominiums.
There are two types of residential places, namely strata-titled and allotment. The former is a form of the property where different owners own different parts of the building, and each part is used by a single owner. On the other hand, an allotment is a property in which everyone owns the whole area. One can own a house there, as well as a garden and an outdoor space.
In terms of business, residential conveyancing generally refers to buying a house and obtaining the title deed, but it can also refer to a transferring of a property from one person to another.
What Is Commercial Conveyancing?
Usually, commercial conveyancing is associated with the transfer of shares, the conveyance of a part of a business, or even the conveyance of a business as a whole.
Commercial property, or industrial property, is often associated with a business. Most often, these properties can be warehouses, factories, and other properties. One can also speak of a commercial property if it is an industrial land meant to be an industrial property, such as a factory, a warehouse, and an office building. However, not all commercial property is meant to be used as industrial property. Commercial property can be anything from retail property to a medical building.
Commercial conveyancing is a very specific legal matter because it is involved in commercial law. In fact, the transfer of a business is a very deep and complicated matter. It needs a good deal of commercial property law knowledge. If you are interested in commercial conveyancing, you will have to go to a good commercial conveyancing lawyer.
With the above information, you should now be able to determine the difference between residential conveyancing and commercial conveyancing.
In terms of residential conveyancing, you should know that it refers to the conveyance of a property, usually a house or a flat, but it can also be a condominium. Commercial conveyancing is associated with the transfer of any form of a business. Regardless of whether you’re looking for residential or commercial conveyancing, though, we always recommend reaching out to a professional. They can ensure a smooth conveyancing process that will leave you satisfied with the results!
Springfield Legals is a law firm that specialises in property and business conveyancing, family law, and more, offering the legal help people need to achieve their goals. If you are looking for Australian property lawyers, get in touch with us today!