Today's real estate market is rich with different people who offer conveyancing services. They range from online websites to customer call centres and solicitors working in established law firms. The availability of all these parties means that you have the upper hand negotiating for favourable prices. However, that does not mean that you will always get the kind of service that suits your specific needs. You must start by understanding the process of conveyancing because it can get to a point where changing your mind means severe penalties and financial loss. Notably, any buyers should not take this for granted because your money is at stake, and you need value for it. Read this to learn what happens before you exchange contracts with the seller:
Draft Contracts and Initial Paperwork
The conveyancing process involves two parties: a willing buyer and a willing seller. When you identify the property that you want to acquire, the seller makes you an offer and you accept. The acceptance of the proposal sets the stage for the seller's solicitor to come up with a draft contract.
The essential things in the draft contract include the terms and conditions of the purchase you are making. It will state the price alongside a detailed description of the state of the property. You will also find details of the legal title that the seller has to the property that you want to buy.
Enquiries From Your Solicitor
The draft contract opens a forum to pose any questions that you deem necessary to the seller and his or her solicitor. This comes after you perusing all the initial paperwork about the transaction and the property itself. The best practice here is to let your conveyancing handler take on all the preliminary checks, including the current ownership. They are in a better position to foresee any complications that will come up during or after the transaction.
Survey, Searches and Contract Approval
Your solicitor arranges a survey of the property to assess its condition. Here, there is a check on the buildings, drainage systems and the condition of surrounding land among others. Your solicitor then proceeds to do a check with legal authorities. The authorities will let you know of any upcoming developments that will affect the value or usability of your property.
Acceptance of the Draft Contract
When all checks are done, your solicitor will go back to the table to negotiate suitable terms that work in your favour. Expect some amendments to the initial draft contract based on what your solicitor found in his or her checks. When both parties, you can proceed with signing and exchange of the contracts.Share