They accepted my offer… Now what?
What are the steps in a purchase transaction? Here is a summary of the main points when you are purchasing a property:
Once your offer has been accepted the estate agents send out what is called a Sales Memorandum setting out the seller’s and buyer’s details along with their solicitors’ details.
At the same time we will send you our pack with a few self-explanatory forms to fill in and return and also let the seller’s solicitors know they can send the contract pack to us.
Once we have received the relevant paperwork from you and the contract pack from the seller’s solicitors, we will then apply for searches.
If you haven’t already done so by this point, you should also think about getting your Homebuyer’s survey done.
Once we have the search results, we will be able to go through all the paperwork and raise any necessary enquiries of the seller’s solicitors.
If you are getting a mortgage we would also around this time expect to be receiving your mortgage offer from your lender.
The next step is to send you our report which will explain our enquiries, the title paperwork and the search results to you. We will also around this time send you any relevant documents you need to sign.
Once we have satisfactory replies to enquiries from the seller’s solicitor, hold all the necessary signed paperwork and you have told us you are happy to proceed, we will ask you for the deposit money and a completion (moving) date will be agreed.
Once a date has been agreed and we hold your deposit money, we will – with your permission – exchange contracts. This is when the transaction is ‘set in stone’ and the completion date previously agreed is fixed and cannot be changed. At this point you can confirm any removals you have provisionally booked.
Between exchange and completion we will request your mortgage funds and any funds due from you, and you can arrange to set up any utilities, insurance, broadband etc from the date of completion.
Completion is the moving day; the day money will change hands and the day you will get the keys for your new home.
Call our conveyancing team on 01243 790532 if you have any enquiries about buying or selling your property or email us at info@owenkenny.co.uk.
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