A Brief Note In Relation To Conveyancing Process
The conveyancing process commences immediately after a seller of a property has come to an agreement with a buyer. The first step of this whole process commences when the buyer’s solicitor receives confirmation from the seller that they’ve accepted their offer. Next step will involve the buyer’s solicitor getting in contact with the seller’s solicitor and soliciting for an outlined copy of the contract for his/her perusal.
The moment the buyer’s solicitor has acquired a draft copy of the contract and has perused it, the solicitor will then study the deeds to the property in order to ensure that the individual who is selling the property has the legal rights to do so. The property will also be checked so as to figure out if there are regulations placed on it. As soon as the solicitor is satisfied, a copy will be sent to the seller and one more copy will be kept for the buyer to sign. In the conveyancing process, the solicitor will even get a list of information relating to disputes, boundaries and a list of the things that will also be included with the property which is being sold such as kitchen appliances. The buyer will then be presented with this list.
The buyer’s solicitor will go and confirm with the local authority so as to determine if any road plans or future developments might affect the property. If the buyer is fully pleased with the result of the findings, they will then need to sign the contract and send it back to their solicitor. The two parties at this phase of the conveyancing process should be prepared to swap and then make the deal official. The buyer will then pay the seller a deposit payment of about five to ten percent of the sale cost; this is a sign of good face and is also done to be able to secure the purchase.
At this specific stage, the contracts can then be exchanged. Solicitors of both the buyer and the seller will stay in touch with each other, be in agreement that the contracts have been exchanged and then set a date to complete the sale. The deposits, date of completion and contracts will then be exchanged, physically. The very next step in the conveyancing process is for the buyer’s solicitor to determine the exact sum the buyer will need in order to pay for the transaction to be completed. On the day of completion, the funds will be sent to the buyer’s solicitor and the new owner will be handed over the keys by the estate agents.
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