Buying & Selling Property

Buying Property:

 

As a purchaser, you will be asked to pay a booking deposit to the Auctioneer when you have agreed a purchase price. The payment of this booking deposit does not constitute a binding agreement and is totally refundable should you not proceed with the purchase. You should request the Auctioneer to furnish you with a receipt that clearly states that the booking deposit is paid “subject to contract and survey”.

 

You should then instruct a Solicitor to act on your behalf and contact your Bank or Building Society, without delay, in order to arrange your loan. It will be necessary for you to pay a deposit of 10% of the Purchase Price at the signing of the Contract, if necessary, you should arrange this finance at an early stage.

 

Your Solicitor will examine the Contracts and Title together with your loan approval and advise you of the requirements of the Lending institution. Once he/she is satisfied with the title and that you are in a position to take up the loan approval, he will arrange for you to sign the Contract and pay the 10% deposit. He will then return the Contracts to the Vendor’s Solicitor. Within 10 days or so, your Solicitor should receive a signed Contract by the Vendor and the parties now have a binding agreement.

 

 

Your Solicitor will raise standard queries regarding the title, draft Deed and Mortgage documentation and requisition your loan cheque from the Bank/Building Society. When the loan cheque issues, the Solicitors will make an appointment to complete the transaction. On the day of completion you will receive the keys to the property.

 

Your Solicitor will lodge the documents in the Land Registry or Registry of Deeds in order to have you registered as the owner of the property and forward the title documents to your Bank/Building Society, who will retain them until you discharge the Mortgage.

 

Generally it takes approximately four to six weeks to complete a sale or purchase.

 

 

Selling Your Property:

 

If you have contacted an Auctioneer and already put your property on the market, you should contact a Solicitor immediately and request him/her take up the title documents from the Bank or Building society with whom you have your existing mortgage. Once the Solicitor has the title documents and in the event of a sale, he/she is in a position to draft Contracts and forward them to the purchasers Solicitor without delay.

 

 

The Contract is signed by the Purchaser and a 10% deposit paid. Contract and deposit are returned to your Solicitor to be signed by you as the Vendor. One copy of the Contract is returned to the Purchaser’s Solicitor, and it is at this stage that you have a binding agreement to sell your property.

 

The respective solicitors attend to the legal requirements, ie replies to standard queries regarding title, drafting Deeds and Declarations, and arrange the completion date.

 

When the sale is closed, your Solicitor discharges your existing Mortgage out of the proceeds of Sale and pays the balance to you when all matters are completed.