It’s important to be familiar with all the stages of property conveyancing
The legal process involved in buying or selling a house or any property along with the transfer of ownership from one person to other is known as property conveyancing. Although you might be able to carry out the entire process on your own, but to avoid the hassles involved in the process, it is advisable to take the assistance of an expert solicitor. However, whether you decide to handle the entire process on your own or decide to seek the services of an expert, you should know about the important steps involved in the process. This will help you get a clear picture of the entire thing, thus letting you take the charge and make decisions.
The pre-contractual stage: The first step once the seller has accepted the offer from the buyer or vice-versa is the pre-contractual stage. This is the stage when both the parties should seek the assistance and guidance of an expert solicitor or a conveyancer to draft the legal contract. The agreement contains all the important details like the pricing involved, any furniture and furnishings included in the sale, any developmental restrictions which have been put in place, the date for completing the sale, in addition to the portrayal and narrative of the property services and any lawful limitations or rights on the home. The seller’s legal representative can draft the initial contract and then discuss and clauses and other details with the buyer’s attorney and in this stage itself the negotiations will happen. If there are any amendments required, all that will be done in this stage itself.
Exchange of Contracts: This is the most important stage. Once both the parties are satisfied with the agreement, they are obligated to sign its final version. As soon as the parties sign, the agreement is exchanged and the contract becomes a lawful binding and none of the party can pull it off without paying the compensation. Consequently, it is important that before the exchange happens, your attorney has finalized your mortgage arrangements and you have the deposit ready. Also, make sure that all the extensive searches and surveys have been carried out by your lawyer. Once the exchange of contracts happens, life insurance and property insurance are set up. A conclusion date has been set. If you are the buyer, then you have to pay the non-refundable deposit to the seller and at the same time the land registry fees has to be paid with the stamp duty.
Completion: This is the final stage, when all other formalities are done and you as the buyer, not only attain the keys to your new home, but also receive the tile deeds and the ownership. It is at this stage, the seller has to finally vacate and leave the asset in the state which was decided and settled in the earlier stages. All the legal documents are transferred at this stage.
Remember that buying or selling house or any asset is a complex process, hence so as to ensure that the process is fair and smooth; both the parties will have to undergo these three stages of property conveyancing. After these three stages have been effectively agreed, the possession will lawfully belong to the purchaser.
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