This guide has been prepared to explain the legal process involved in selling a property, it has been structured to read in conjunction with the weekly sale progress report. Please regard the below notes as a summary only; for more detailed information and advice please do nor hesitate to contact members of our Property Services team.
- Authority to Obtain Title Deeds and Title Deeds Applied For
When we send a client a quote we enclose a form that asks for their mortgage account number and details of their building society. When we have received this back we are able to apply to the building society for the deeds to their property. If they do not have a mortgage we will request that the client deliver the deeds to us.
- Property Information Form and Contents Schedule sent to client
Details forms are sent to the client with the written quotation so that questions that are asked by the buyers solicitors may be answered.
Property Information Form etc. Received Back
- Title Deeds Received
Once we have received the deeds we are able to prepare a draft Contract. This will be sent to the buyer’s solicitor along with the other information that we already have.
- Additional Enquiries Received from Buyers Solicitor
The buyers solicitor may require some additional information from us. It may be that answers that we have already given require more detail or that results of the search etc. have prompted additional questions. At this stage it will often be necessary for us to obtain the information required from outside sources such as the local authority or insurance company etc.
- All Enquiries Answered
When all the information is available we will make sure that the buyers solicitor receives everything that they require.
- Draft Contract Approved
When the buyers solicitor is happy with all the information that he has received they will send back to us the draft Contract approved for the sellers to sign.
- Appointment with Client for Signing
We will arrange for the client to sign their contract as soon as possible. If there is a dependant purchase we will make sure that the two transactions are tied in.
- Deposit Received
On exchange of contracts we will require that the purchasers pay a deposit of between 5% and 10% of the sale price. Although we don't expect that money to be sent to us before exchange we will expect the buyers solicitor to confirm that he has the funds to send to us.
- Proposed Completion Date
Completion is the point at which the purchaser pays for the property and it changes hands. The date needs to be agreed before exchange of contracts can take place.
- Ready to Exchange
When our clients have signed there contract and (if relevant) their proposed purchase is ready we will inform the buyers solicitor that we are ready to exchange contracts.
- Contracts Exchanged
Once contracts have been exchanged the two parties involved are legally committed to buy/sell the property in question. Failure to do so at this stage will result in the party at fault being in breach of contract.
- Completion Date
The completion date which is agreed between the parties on exchange of contracts is the date upon which the seller of the property must give vacant possession and the buyer can take up occupation having first paid the balance of the purchase price. Failure to complete will result in the party at fault being in breach of contract.
