I am often often asked, ‘What are the legal steps involved in buying/selling my house. . .?’
I have outlined the process into 7 broad steps and here they are. . .
- The buyer has loan approval and agrees to buy. Usually, a booking deposit is paid to the auctioneer, which is refundable at this stage.
- The auctioneer issues a ‘Sales Advice’ to seller, buyer and their respective solicitors.
- Seller’s solicitor sends the Contract and Title Documents to Buyer’s solicitor, who will raise any pre-contract queries at that point. The Contract stipulates a completion or closing date.
- The buyer signs the Contract when satisfied and pays a further deposit, to bring total deposit to 10% of price.
- The seller signs the Contract. There is a ‘binding’ deal in place and so the deposit is no longer refundable.
- The buyer’s solicitor arranges drawdown of the loan cheque from the bank or building society.
- On the agreed closing or completion date, the Solicitors swop the deeds and the keys for the balance of purchase price.
That’s it! Mystery Removed! Contact me for more details on your specific circumstances.