Step 1. Getting organised prior to Exchange.
Before you enter a legally binding contract you need to make sure that your finance is guaranteed, the house you are buying is sound, and the contract you are about to enter into is fair.
1.a. Get formal approval from the bank.
1.b. Organise a building inspection.
1.c. Get your solicitor to go over the contract
Step 2. Exchanging contract.
The 'Exchange' is the legal process where two identical contracts (one signed by the seller and another signed by the buyer) are physically exchanged and a deposit is paid by the buyer. This exchange of contract legal binds both parties into a binding sale.
2.a. Meeting with your solicitor and sign the contract.
2.b. Pay the agreed deposit.
3.c. The solicitors exchange the contracts.
Step 3. Settlement.
Before the property's legal ownership is transferred from the seller to the buyer, a settlement period occurs. This gives the owner time to pack, move and clean the property as well as the buyer time to organise their move. It also gives both the solicitors and banks time to conduct what they need to do in preparation for settlement
3.a. Solicitors and banks organise the transfer the remaining money/deeds between parties.
3.b. Settlement occurs and the keys are released to the buyers.
If you have any questions regarding how to buy a home please feel free to call us and we can talk you through the process.
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