Information and Articles
Search Website:

National, State, Local







13 Legal Stages of Completing a House or Flat Purchase/Sale




When researching information for important projects, always cross check your work with multiple sources to ensure you receive a diverse selection of information on the subject matter. We do our best to ensure the content contained on this site is as accurate as possible, however things like statistics and time sensitive material may become outdated rather quickly. So if your research is for a school project or term paper, or any other reason that requires complete correctness the Ez Submit website's National, State, Local category and the 13 Legal Stages of Completing a House or Flat Purchase/Sale article is a great place to start due to our volume of information and broad range of resources, however "always" cross check facts and opinions to ensure corectness.

Ez Submit is dedicated to providing reviews, learning materials, answers to questions, home work help, articles, assignment resources and we pride ourselves on offering a diverse resource completely free.. Because everyone loves free stuff, myself included. So, with that said i hope we helped you in your research and if so feel free to bookmark us and come back again!

Property purchase or sale can be divided into three major stages. There is the initial agreement here both parties have the option to walk away from their agreement. The exchange stage which commits both parties to the agreement and formalise the deal. The last stage; in any deal, is the completion of the transaction. Below is a detailed list of the entire process which has been broken into 13 individual sub-processes:-

1. The whole process starts with a verbal agreement between a buyer and a seller. The buyer agrees to buy the property in question at an agreed price and the seller agrees to sell it at that price. Clearly, this agreement is not legally binding at this stage therefore the agreement is subject to contract. Both buyer and seller exchange personal details and pass to one and other details of their respective solicitors to formally start the process of sale.

2. Both parties appoint solicitors to carry out the legal work in respect of the sale. The appointment of the legal representative can be done prior to the agreement of either sale/purchase as in 1 above or afterwards the agreement. The more astute buyer/seller will and can shop around for the best price in the market. There are price differences between firms of solicitors. So shopping around is advised.

3. It is normal practice for solicitors acting for both parties to produce an estimate of costs plus disbursements before they start any work. Once these estimated costs are accepted then the legal work begins in earnest. The seller's solicitor obtains information about the property in readiness to send to the buyer's solicitor.

4. The seller's solicitor sends the first draft of the contract together with the information about property to the buyer's solicitor. If there are any issues; legal or otherwise, they are raised by the buyer's solicitor. An example of a query is the agreed price according to my clients was £123,000 but this draft contract states that price to be £132,000. This error will then be corrected at this early stage.

5. The contracts are only signed when both parties agree with the terms, conditions and the wording of the contract. Each party; buyer and seller, are invited to sign this document and then give it back to their respective solicitor so that the exchange can happen.

6. Pre-contract exchange stage. Contracts can only be exchanged when a completion date is agreed. For example, exchange contracts on the 1st May 02 and complete the transaction on the 24th May 02. There is also a question of deposit which must be paid at this stage. The deposit is normally 10% of the purchase price or another amount agreed by mutual consent.

7. The next stage is exchange of contracts. At this stage, both parties are committed to the agreement and neither can back out. The exchange is done by both parties' solicitors and it is all legal afterwards that.

8. If the seller is buying another house then the seller's solicitor will make sure that the completion for both properties; that is the one being sold and the one being bought, is done on the same day/date as so to avoid houselessness.

9. Post contract exchange stage is for sorting out outstanding matters. The buyer can arrange for his/her removal, pay any outstanding bills, cancel insurance policy if one is in place and amongst other things re-direct mail as well as informing friends of a change of address. The seller does the same in respect of the property that he/she is moving from.

10. The seller signs the transfer deeds document. This document is used to add the buyer's name to the title deed at the land registry.

11. The buyer receives a completion statement. This statement sets out money that are due to be transferred into the account; that amount is stated and the costs are made clear and lastly the amount of money left over afterwards costs.

12. On the morning of the completion, the buyer's solicitor gets the bank to transfer the money into the nominated account held by the seller's solicitors. The buyer gets formal possession of the property once the solicitors have completed the transactions and the money is transferred.

13. The seller receives his money afterwards all the costs have been taken and if there are lenders involved then their money needs to be paid first.

Finally, the transaction can normally take up to 8 weeks from start to finish. If there are lenders involved they may require searches and valuations to be carried out to establish value/equity to secure the mortgage against. But, it is not uncommon to complete the whole process over a matter of a week for money buyers particularly if they are willing to dispense with searches and such like. Lastly, this template may not fit the transaction process in another country but the principle is the same; there is an agreement, it runs its course and then it is completed.

Ez Submit: http://www.ez-submit.net

The article above titled 13 Legal Stages of Completing a House or Flat Purchase/Sale may be published on your website, simply use the RSS link below to obtain the URL to paste in to your site. Ez Submit is an article repository housing nearly 45,000 different articles on various subjects, so feel free to browse around for other quality articles.

Information is a valuable commodity, reading and learning from such resources helps to obtain a better understanding on the National, State, Local topic. With an understanding, you are able to make informed decisions.

We have also located 10 other articles related to this one, so we have listed them below along with this weeks hottest sections, so if 13 Legal Stages of Completing a House or Flat Purchase/Sale didn't suit what you were looking for or if you have more questions check out the menu links below to browse around. Also our Business and Home Business sections have been mentioned in official offline school resources for Business Study papers, so these are worth checking out as well as the National, State, Local you are currently viewing.
RSS Feed

Want National, State, Local Articles delivered Via RSS? Simply click the XML icon above



Feel free to view the articles listed above, we found them similar to 13 Legal Stages of Completing a House or Flat Purchase/Sale so they may also interest you, some are in the National, State, Local category or other subcategories.
Design by SEO Company Info: SEO Forums

Providing Articles on everything from Credit