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.
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