The following are steps in a Conveyancing Transaction:
- The Purchaser and Vendor agree a purchase price usually through an Auctioneer and the Purchaser pays a booking deposit to the Auctioneer. This deposit is refundable up to the exchange of contracts for sale.
- The Vendor authorises his/her Solicitor to take up the title deeds to the property.
- The Purchaser instructs his/her Solicitor and notifies the Auctioneer and lending institution (if applicable) of the Solicitor’s details.
- The Vendor’s Solicitor receives the title deeds, prepares the contract for sale and sends it in duplicate to the Purchaser’s Solicitor with copy title documentation.
- The Purchaser’s Solicitor receives the contracts and loan documentation and raises pre-contract enquiries.
- An appointment will then be arranged for the Purchaser to come in and go through all the documentation.
- Once all pre-contract enquiries have been dealt with the contracts are returned to the Vendor’s Solicitor together with balance of 10% contract deposit and loan documentation is returned to the lending institution to prepare for the issue of the loan cheque.
- The Vendor’s Solicitor returns one part of the contract for sale signed by the Vendor to the Purchaser’s Solicitor. A legally enforceable contract is now in place and at this point neither party can pull out for any reason.
- The Purchaser’s Solicitor raises objections and requisitions on title which are essentially a list of questions about the property and prepares the draft deed of transfer and sends them to the Vendor’s Solicitors.
- The Vendor’s Solicitors take instructions from the Vendor to reply to the objections and requisitions on title.
- The Purchaser’s Solicitor requests the Purchaser’s loan cheque from their lending institution (if applicable).
- The Purchaser’s Solicitor attends at the offices of the Vendor’s Solicitors with the balance of purchase monies and collects the title deeds and keys to the property.
- The Purchaser’s Solicitor pays the stamp duty to the Revenue Commissioners and lodges an application to the Land Registry to register the change of ownership.
- The title deeds are returned to the lending institution until such time as the property is sold or the mortgage is paid off.
For all your Conveyancing needs contact our office on Tel: 1800 515 515 or email at: firstname.lastname@example.org