The conveyancing process includes all the steps that are required to be followed from the point of agreement on part of the seller on a particular price till the sale is being completed. The process goes through many intricacies so that there is a transparent transaction between the seller and the buyer. Besides, solicitors on part of the buyer and the seller hold the major responsibilities of completing the transaction without any complication.
The transaction takes a good start when the solicitor or lawyer on behalf of the buyer gets a confirmation that the offer made pertaining to the price has been accepted by the seller. Apart from this, the buyer’s lawyer has also the right to get hold of the details of the transaction.
After a glance through the draft contract, the buyer’s lawyer has the right to make a thorough check through the contract so as to ensure that the seller has legal right to the property that is held for transaction. Once all the regulations and rules are complied properly and the lawyer is satisfied, he will produce two copies of the contract, one of which will be sent to the seller and the second will be kept by him.
In the process the buyer’s solicitor also has the right to receive certain details like boundaries, disputes and all other things that will be put up for sale which will eventually be handed over to the buyer. The next step of the lawyer is to sort out from the local authority regarding any issues like road plans or any other proposed development that might apparently affect the property eventually. These things have to be sorted out for a smooth transaction.
Now after the buyer has gone through the details of the contract he can actually enter into an agreement with the seller. To make his consent clear he has to sign the contract, which has to be equally signed by the seller. Once the contract is settled, the official purchase can begin. At the initial stage of the contract, the buyer has to pay at-least 5 to 10 percent as the face value.
Now when the initial stage is being processed, the solicitors on behalf of both the parties will agree to it that the contracts have been distinctly exchanged. When this is done, the deposit of money, the dates of completion and everything will be physically exchanged.
The buyer’s solicitor will finally ensure that everything is settled and arranged in time so that both the parties do not fall into any trouble while making the contract. When the conveyancing process follows all the detail the transaction comes to a happy ending with the buyer paying the full amount to the seller and the seller handing over the keys to the buyer.