A Comprehensive Guide to Conveyancing: 7 Steps to a Successful Property Sale
Are you planning to sell your property but unsure of what a conveyancer does? Don't worry; we've got you covered. In this blog, we'll guide you through the conveyancing process and the seven steps involved in selling a property.
Step 1: Instructing a Conveyancing Solicitor and Initial Stages
The first step in selling a property is to instruct a conveyancing solicitor to take care of the legal aspects of the sale. The solicitor will carry out the initial stages, such as identifying the property and verifying the seller's identity. The seller must provide the solicitor with all the necessary documentation, such as the property title, proof of ownership, and other relevant information.
Step 2: Enquiries and Conveyancing Searches
The conveyancer will carry out various searches to ensure that the property is suitable for sale, including searches on the title, local authority, and environmental issues. The conveyancer will also carry out a survey of the property to identify any potential issues that could affect the sale.
Step 3: Securing Your Mortgage and House Survey
If the buyer requires a mortgage, the conveyancer will liaise with the lender and arrange a house survey to ensure that the property is worth the loan amount. The conveyancer will also ensure that the mortgage provider has all the necessary documentation and information to approve the mortgage.
Step 4: Signing the Contract
Once all the necessary checks have been completed, the conveyancer will prepare the contract and send it to the buyer's solicitor for approval. The contract will include all the terms and conditions of the sale, including the sale price, completion date, and any other relevant information. The solicitors will negotiate the terms until both parties are satisfied, and the contract is signed.
Step 5: Exchange of Contracts
Once both parties are satisfied with the contract, it is signed, and the sale becomes legally binding. The conveyancer will also arrange for the transfer of the deposit. The completion date will also be agreed upon during this stage.
Step 6: Completion – The Big Day!
On the completion day, the conveyancer will transfer the remaining funds and complete the sale. The seller must vacate the property, and the buyer can move in. The conveyancer will also ensure that all the necessary paperwork is completed and that all parties involved receive their respective payments.
Step 7: After Completion
After completion, the conveyancer will take care of any post-completion matters, such as registering the transfer of ownership and paying any outstanding fees or taxes. The conveyancer will also send the property documents to the new owner and update the relevant authorities with the new ownership details.
Conclusion:
In conclusion, conveyancing is an essential aspect of the property sale process. A conveyancer ensures that the sale is legally binding, and all parties involved are protected. By following the seven steps outlined in this blog, you can ensure a successful property sale. At RE/MAX Elite, our experienced agents are here to guide you through every step of the process and ensure a stress-free and successful property sale. Contact us today to learn more about conveyancing and how we can help you sell your property.