Steps Involved in a Property Purchase Deal
Steps Involved in a Property Purchase Deal
Buying a house is definitely one of the most important financial transactions that you are likely to make. Searching for the perfect property is just the first step of a long process that concludes after you have moved into the house following the signing of a formal agreement of purchase. You need to locate the property, arrange for a survey, consider the financing options and then present a formal proposal of purchase. A property solicitor can guide you effectively throughout the entire procedure.
Once you have zeroed in on a property that matches your requirements, it is time for you to ask for copy of the home report. It should ideally contain a detailed report of the condition of the property, an Energy Performance Certificate and other relevant details that need to be discussed in detail with property solicitors. However, the reports should not be accepted as a final report and you can always arrange for an independent review of the property in question. It may be a mortgage valuation report or an elaborate survey report. A conveyancing solicitor can guide you about the report contents.
Perhaps the most important part of the process is the step that involves the checking of the documents of ownership. The solicitor is the one who can check the title or the ownership deeds to determine whether they are genuine and are devoid of any discrepancies. The documents should contain a detailed description of the property, its rights and any pre-existing conditions.
The legal work before the final signing of the deal is extensive. Your solicitor will examine the details of the contact and then make the necessary queries. If there are any issues that demand an explanation then they need to be settled with the seller's solicitor. If it is a leasehold property, then the solicitor will send a regular Managing Agents Questionnaire to the seller's solicitor for acquiring additional information.
Once all the details have been sorted out, it is time for the exchange of contracts. The parties involved in the process need to set a completion date. From the time, the contracts are exchanged; the buyer cannot retreat on the decision to buy the property. The same holds true for the seller who is bound to go ahead with the sale. In case either of the two parties chooses to opt out of the deal, then they should be ready to compensate the other side for the losses incurred.
After the formal exchange of the contracts, your solicitor will send the deposit to the seller's solicitor as a kind of security deposit. Following this stage the transfer deed is framed so that the property can be officially transferred to the buyer. Some additional technical searches need to be carried out after the completion of which the buyer can call the property in question his/her own. The buyer is given a formal statement by the solicitor clearly stating all the expenses so far and the final settlement amount which needs to be paid in due course.
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