Receive notification from your solicitor that contracts have issued
Receive loan offer
Attend your solicitor to sign contract and pay contract deposit
Contracts returned to vendors solicitors
Vendor returns contract signed by vendor-NOW YOU HAVE A BINDING CONTRACT TO BUY
Title and purchase documents prepared by solicitors and moving towards closing
Pay the balance of the purchase price and legal costs to your solicitor
Agree closing date
FINAL PRE CLOSING INSPECTION OF HOUSE
CLOSE the deal and collect keys
Solicitor completes registration of your ownership
Receive a copy of your ownership document as title deeds sent to your bank ( this may be months post closing)
Another step in the right direction. Contracts should issue to your solicitor within 10 days of the sales advice issuing. Sometimes it takes much longer if there is any delay on the sellers side retrieving the title deeds from their bank or if some part of the title including planning is not complete. You will recieve notice from your solicitor as soon as your contracts have issued. However don't sit back and wait endlessly, if you have not heard anything within 10 days or receipt of the sales advice sheet it would be wise to make some enquiry your solicitor if contracts in and also ask the agent if they have heard word on contracts isssuing.
Loan approval issues;
Parallel to the contracts issuing will be your loan approval. This is equally important as without it you will not be able to draw down your loan. Keep an eye out for it too and apply the same timescale as contracts. If there is no sign contact your bank or broker. Ideally you need your loan approval issued before you attend your solcitor to sign contracts.
Attend your solicitor;
This is a big day. You are going in to discuss everything with your solicitor and if all is in order to sign the contracts (in duplicte) for your new home. You will also have to pay over the contract deposit at this stage to your solicitor. The contrat deposit is 10% of the purchase price less the booking deposit. In special cases you may pay a reduced contract deposit. You would normally sign your loan offer and mortgage and purchase deed at this meeting.
Contracts returned to seller;
Your solicitor returns your signed contracts along with your contract deposit to the sellers solicitor. Some legal correspondence may ensue. However you must now wait till the seller signs the two contracts.
This is a real big day as you now have a legally bingding contract to buy the house. The seller cannot pull out after this point. Until now the seller could have withdrawn from the deal. Not any more.
Title documents prepared and balance of purchase money lodged to your solicitor;
At this stage both sides are preparing their documents for the closing. There is a lot going on. You will be finalising all paperwork for your bank, your solicitor will be sending you a closing statement for the purchase and the sellers will be readying the house for you.
PRE CLOSING INSPECTION;
You are entitled under the contract to inspect your new house at any time before the closing. This should be arranged through the estate agent. The purpose of the inspection is to establish that the house is in the condition you agreed. You will expect that all rubbish is removed, that there is not years of junk stored in the attic. You should organise this visit a few days before the closing and tell the agent you wish to check that everthing that should be there is and everything that should not is gone. This visit does not need to be confrontational- bring a box of choclates for the house, that is always a good touch.
This is the date everything comes together. The seller has moved out, your loan cheque is drawn down, your solicitor orders title searches against all parties and the property, the balance of the closing money is transmitted to the seller to arrive in their solicitors account on or before the morning of the closing. Its all go on all sides and up to ten different parties or firms will be working together to make this happen this day - the day you buy your new home.
Following the closing date the seller has the sales proceeds and pays off any outstanding mortgage. Your solicitor has your purchase document and pays your stamp duty and lodges your purchase document and mortgage in the Property Registration Authority. Registration of you as owner of the home may take months or even over a year depending on the type of title.
When the Property Registration Authority completes registration of you as owner your solicitor will recieve a written. Your solicitor will request a copy of your new title registration document- a folio and map- and send the folio and the rest of the title documents to your bank and a copy of the folio to you. This completes the whole process.