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Copyright Glaric Consultancy Ltd. 2016
WHAT DO YOU NEED TO KNOW
ABOUT THE SALES PROCESS?
The process of selling a property may to many appear complicated, lengthy and
drawn out, however, the following paragraphs will help you to better understand
what happens.
Before you take the decision to put your property on the market, you would be well
advised to instruct a solicitor to handle your conveyancing.
The majority of people will not speak to a solicitor until they have received an offer,
however this can have the effect of delaying the entire process.
When you have received and accepted an offer on your property, the buyers solicitor
will send a letter confirming that your buyer has mortgage approval in principle.
As part of the conveyancing process, you or your solicitor may be asked questions
about your property or you may be asked to produce documentation supporting
any information you provide.
Your buyer’s solicitor will also commence the legal and local authority searches
legally required for a sale.
These will confirm your legal right to sell the property which is called ‘Evidence of
Title’ and will also confirm the boundaries of the property.
Once all the searches and other details have been agreed, a contract for the sale will
be put together and will be exchanged, this is known as ‘the exchange contracts.’
This is also the point at which a completion date will be arranged with the buyer.
On the agreed completion date, the appropriate funds will be transferred from the
buyer’s solicitor to your solicitor and when this has been confirmed you will pass
over the property keys to your buyer.
Never hand over the keys until your solicitor has told you that the transfer of funds
has been completed.
You should never at any time attempt to conceal information and should answer
any questions honestly and to the best of your knowledge.
Any communication must be through your solicitor and your estate agent. Never
communicate with your buyer’s solicitor or with your prospective buyer.
The process is involved and it needs to be if your best interests are to be safeguarded.
Normie & Co are here to help every step of the way.