Whether you are the buyer or the seller in a real estate transaction, you should have a good understanding of the conveyancing process. The conveyancing process for selling real estate involves several steps and begins by giving instructions to the conveyancer of the seller. In turn, the conveyancer verifies the instructions through a letter establishing the terms of business and the costs.
The conveyancer proceeds by performing proof of identity checks before sending a fittings and contents form as well as a property information document for completion. In the case of a leasehold, extra information is needed during this part of the process. In turn, the seller fills out the property information and fittings and contents forms.
Next, the conveyancer for the seller obtains a title deed or copies of the title register. Details are also gathered for any outstanding balance on a current mortgage. The conveyancer follows by preparing an agreement and supporting paperwork, which he or she delivers to the conveyancer for the buyer.
Reviewing the Paperwork
Conveyancing in Kent resumes as the conveyancer for the buyer reviews the contract and supporting paperwork. Any pre-contract enquiries are posed at that time by the buyer’s conveyancer to the conveyancer for the seller. The questions are answered by the seller and his or her conveyancer.
Next, the conveyancer for the buyer verifies the acceptable search results and receipt of an offer, if one has been made. Afterwards, the buyer and seller agree on a finish date and the agreements are exchanged. At this point, the conveyancer for the seller will receive an amount to repay any outstanding balance on the current mortgage. In turn, the conveyancer for the buyer creates a transfer deed, which is delivered to the seller’s conveyancer.
Turning Over the Keys
The conveyancer sends the deed to the seller for his or her signature. On completion of the transaction, the seller, by law, must leave the property at a scheduled time and make arrangements for turning over the keys. Usually, the keys are given to the estate agent for the sale.
The conveyancer for the buyer delivers the sales proceeds to the seller’s conveyancer. In turn, the conveyancer arranges to have the keys given to the buyer. The title deeds and transfer deed are sent by the conveyancer for the seller to the buyer’s conveyancer. In addition, the seller’s conveyancer sends directions to use the sale proceeds to discharge the current mortgage debt.
The conveyancer for the seller pays the estate agent and any owed amount to the current lender before taking payment for the conveyancing process. Once all these payments have been made, the money remaining from the real estate sale will be delivered to the seller. This is usually done through bank transfer on the completion date.