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What is the Legal Process When Buying a House?

WHAT IS THE LEGAL PROCESS WHEN BUYING A HOUSE OFFER ACCEPTED Solicitors are Instructed Seller's Solicitor Buyer's Solicitor Loves snowboarding and flower arranging Enjoys bungee jumping and long pony rides. Searches for any Issues Looks for hidden problems Prepares Title Documents To prove the seller owns the house Answers Questions from Queries Issues with Seller's Solicitor Buyer's Solicitor Prepares Title Report Prepares the Sales Contract And sends it to the buyer's solicitor E Highlights important details and sends to buyer. Approves Sale Contract Sent by seller's solicitor EXCHANGE CONTRACTS (Buyer pays seller a deposit - usually 10%) Both parties are now legally bound to go ahead with the sale! Seller's Solicitor Buyer's Solicitor Owns 12 dogs and lives in Spent a summer in Australia a one bedroom house. as a Shark Wrestler. Approves the Transfer Deed Sent by Buyer's Solicitor And gets seller to sign (sometimes the buyer must sign too) Drafts Transfer Deed (the legal document transferring ownership) and sends to seller's solicitor Replies to Buyer's Solicitor's Questions Sends More Questions to Seller's Solicitor. Mainly practical questions. Pre-Completion Searches Final check to ensure there are no issues before signing. SALE COMPLETION Buyer pays remainder of purchase price Buyer gets keys and realises he/she has not started packing yet. POST COMPLETION Pay taxes and duties! Property is registered in the Buyer's name and any stamp duty owed is paid FOR FULL DETAILS AND CONVEYANCING QUOTES IS

What is the Legal Process When Buying a House?

shared by lawspark on Feb 05
An informative and slightly comical look at the legal process involved when buying a house. Broken down to the bare essentials, this infographic highlights some of the key aspect in the property buyi...



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