A Short Description on Conveyancing Process

Author: Gavin Brazg | Posted in: Mortgage

October 18,2011

The conveyancing process starts right after a seller of a property has come to an agreement with a buyer. The first and the foremost step of this full process starts when the buyer’s solicitor gets confirmation from the seller that they've accepted their offer. Next step will include 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 review 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 even 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 another copy will be kept for the buyer to sign. In the conveyancing process, the solicitor will also get a list of information pertaining to conflicts, boundaries and a list of the things that will also be incorporated along with the property that is being sold such as kitchen appliances. Then the list will be presented to the buyer.

The buyer’s solicitor will go and confirm with the local authority to be able to figure out if any road plans or proposed developments may influence the property. If the buyer is totally pleased with the outcome of the findings, they’ll 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 5 to 10 percent of the sale cost; this is a sign of good face and is even done so as to secure the purchase.

At this particular 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 fix a date to finalize 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 figure out the exact sum the buyer will need to be able to pay for the transaction to be finished. 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.

Keywords : Short Description, Conveyancing, Process,

Author: Gavin Brazg

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