When a person chooses to sell a property, they will go through three main stages of residential conveyancing – different tasks need to be completed at each stage to ensure that the property legally transfers ownership from the seller to the buyer.
The pre-contractual stage
When the seller has accepted an offer from a buyer, they should usually seek the aid of a house purchase solicitor in order to draw up the legal contract. After the buyer has seen a draft of the contract, they may then choose to negotiate the contents.
The contract is likely to include details such as how much the property will be sold for, any fixtures and fittings which will be included in the sale, any planning restrictions which have been put in place, the date for completing the sale, as well as a description of the property services and any legal restrictions or rights on the home.
A conveyancing solicitor can draw up the initial contract, answer questions from the buyer’s solicitor (with assistance from the seller for the answers), as well as negotiate any details of the contract on behalf of the seller.
Exchange of contracts
Once both the seller and the buyer are satisfied with the contract, they will be required to sign final versions of it. These contracts will then exchanged, and the agreement will become legally binding – in most cases neither party can pull out at this point without paying compensation.
Completion is the final stage of the conveyancing process and marks the day when the money is transferred to the seller and the keys are given to the buyer. The seller must move out of the property and leave it in the state which was previously agreed, and the legal documents needed to transfer the ownership are handed over to the buyer.
After these three stages have been successfully carried out, the property will legally belong to the buyer.
Property sales solicitors at Healys
If you require advice about selling a property, Healys team of solicitors are ready to help. We can provide excellent representation and advice on all aspects of law regarding land and property.
To find out more about Healys’ residential conveyancing services, request a call back via this website, or give us a call on 020 7822 4148.