SALE LEGAL GUIDE - What is involved in the legal side of selling.
Instruct us before you put the house on the market to allow us time to take up your title deeds from your bank.
Solicitor issues contract;
It takes weeks for your title deeds to come to us from your bank- so instruct early.
- Your solicitor will issue the contracts for the sale of your house to the buyers solicitor as soon as the sales advice issues from the agent. It may take the purchasers a number of weeks (up to 5 weeks) to sign and return the contracts with the contract deposit. Usually the purchasers will be relying on a bank loan and will not sign the contracts till their loan approval issues. The loan approval is specific to your house. They may also wish to survey your house. They may be waiting to sell their own house. There are any number of factors that can delay the signing. It is important that everyone in the chain is honest and genuine. There can be a whole chain of transactions hinging on each other.
- This is the first time you may relax in the knowledge that the buyer is proceeding, be careful that there is no pre-condition in the returned contract. If there is a pre-condition you do not have an enforceable contract untill the pre-condition is fully satisfied.
- Your Solicitor will return your contracts as soon as you sign and you are ready to proceed (you may be also working on your purchase). At this stage you and the purchasers will have agreed a closing date and arrangements should be under way to empty and clear your house. Check with your agent on any fittings and contents you are removing from your house.
Closing the sale;
- The last step; your solicitor will have prepared and arranged the signing or your title documents. They will aslo have requested your mortgage redemption figures. A date is agreed with the buyers solicitors and your title documents are sent to them. The buyers will transfer the balance of the purchase money to your solicitors client account. The buyer will have ordered title searches which are sent to your solicitor on the closing date for explanation. When the money is transferred and the searches explained the sale is deemed to be closed by the solicitors. Your solicitor will pay off your bank loan on the date of sale or as soon as possible. When all that is done your solicitor will release any surplus to you along with a full statement of the transaction. If you are buying another home the balance from the sale is rolled into the new purchase.