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Many of you must have heard of conveyancing. It simply means to engage a conveyancer to process the transferring of property ownership from the seller to the buyer legally. The conveyancing process is a long one, starting from when you receive an offer to the point when you hand over the keys to the new owner.
After reading this article, you will be able to understand the conveyancing process.
Upon Accepting an Offer
So you’ve just receive an offer from a potential buyer and decided to accept it. Now, you should have already appointed a conveyancer to reduce delay. If not, it is alright to engage one now. Instruct your conveyancer to do the conveyancing after you received and accepted an offer. Try this place if you are looking for conveyancing solicitors.
The conveyancer will most likely provide you with a list of questionnaires and forms regarding the property. Answer it as honest as you can, your conveyancer would like to know everything about the property in order to help you. Not answering the questions and filling up the forms truthfully may lead to being sued and other complications. Buyer may feel that you’re not trustworthy enough and decided to pull out from the deal before exchanging the contracts.
Upon Filling the Forms and Questionnaires
Once you’re done with the forms and questionnaires, your conveyancer will use the information on the forms and questionnaires to create a draft contract. This draft contract will then be sent to the buyer for approval.
The draft of the contract will then be sent to the buyer for negotiations. They will need to agree to the date of completion for the transfer, the things they will need to pay additionally (fittings and fixtures) and any other additional cost of repairs and renovations that the buyer pointed out.
Upon Filling the Forms and Questionnaires
In order to sell your house, you will need to pay off your mortgage. You can do this by requesting for a sum from your mortgage company and agree to pay this sum off once you complete the sale of your house or property.
Exchange the Actual Contract
Once you’re settled on all the necessary details and processes, you and your buyer will then agree on a date to exchange the actual contract. Your conveyancer will be the one exchanging the contract for you. Once the actual contract is exchanged, both of the parties will be legally bound to the contract to buy and to sell the property. If either party pulls out, it can be escalated to a lawsuit. You, the seller will not be able to accept another offer for the property.
Things to Note After Exchanging Contracts
First, you will receive the buyer’s deposit depending on the clause in the contract.
Second, the property will still be yours until completion day. You will need to pack your stuff within this period and move out on the completion day. It is much better to move out few days before completion day to avoid any problems that may delay the moving out process.
Third, ensure that whatever things you included in the contract must still be in the property. Do not take away anything that is included in the contract.
Completion Day
Finally, it’s that day when you hand over the keys. You will be able to receive the outstanding balance of the sale price. Legal documents will also be handed over to the new owner to prove his or her ownership of the property. After completion, you will have to pay off your outstanding mortgage and your conveyancer and estate agent (if you engaged one).
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