my conveyancing
Markets

The three-step process that needs to be followed while buying or selling a residential property

August 4, 2020

There are basically three steps that need to be followed when my conveyancing happens. These three steps are as follows:

The first step that needs to be followed whenmy conveyancing takes place is the agreement to sell, the second stage is the exchange of contracts step that needs to be followed. The third and final step is where the sale of the property id completed.

The first stage of the process starts when the buyer of the property and the seller of the residential property make an agreement to sell and buy and this process comes to an end when the seller has sold the property completely to the buyer and the buyer receives the keys to the property that was previously owned by the seller.

my conveyancing

However, this three-step process is kind of a common process for every buying and selling. The process and the steps might vary depending on the type of property that you are looking to buy or sell. This process might be in one way for the residential property whereas it might be totally different when you are seeing to buy a commercial property.

  1. The first stage: Agreement to Sell

The agreement to sell is the starting stage of any sales process. Her the buyer and seller should come into some terms fro agreeing to bu that property. The buyer and seller might have some agreements and disagreements to buying the property. For instance, the seller must give complete and thorough information on the house to the buyer. He is required to sign some documents and create some agreements before even going ahead and buying the properties. The seller should give the information about the modulations and filings that have been done in the home and that has to be done. He or she should also make it clear about any disputes that they have with the neighbor and also on the loans that have been taken on the basis of the house. They should provide all the details about the residential place that the buyer oos ought to buy. At this stage, the buyer will have different legal searches that need to be conducted. They should also arrange for surveying the hoke and also other home requirements should be taken care of. All these steps need to be completed before even signing any contracts with the Seller. In the review of the property, the boundaries of the properties must be made by the buyer itself. ,  the legal documents should be thoroughly checked.

  1. The second stage is the exchange of contracts

At the second stage of the, the buyer needs to make a deposit on the property. The full payment will be settled only if the total property is completely sold. After this, the sale contracts are signed by both the buyer and the seller. At this point in the process, if any of the parties want to halt and backout from the process they will be required to pay a financial penalty.

  1. The third stage is the completion of the sale

Once, the contracts have been signed. The buyer should settle the total amount and buy the property. The keys of the property will then be handed over to the buyer.