If you're looking to purchase or sell a home, you've probably heard the term "residential conveyancing," but what exactly does it mean? It refers to the legal procedure of buying or selling real estate.
It is the act of transferring a property's contractual title from one owner to another. A real estate solicitor or conveyancer will handle the full property conveyancing process.
The Residential Conveyancing Procedure:
- Quote — An initial quote will be provided to you.
- Memorandum of Sale — Once the sale is agreed upon, the estate agent provides the parties with the memorandum of sale. This provides the full transaction details and allows the solicitors to begin processing the deal.
- Open the Purchase File — The conveyancer will first open the purchase file for your new home. This entails sending you a letter explaining the rules of business and requesting documents such as identification, proof of source of funds, and a payment on account.
- Contracts — The draught contract pack will be delivered to your conveyancer by the seller's solicitor.
- Completion — After the exchange, you will receive your keys on the day of completion. Your conveyancer will make certain that mortgage funds are available in time for completion. When the monies have been received by the seller's solicitor, you will pick up the keys from the estate agency.
Finally:
Make certain that the conveyancer you've picked has extensive experience dealing with real estate property transactions. It is also a good idea to check the assurances register to see if a conveyancer has received any reports of assurance of an alleged breach.
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