When buying a property, the chances are your budget is already tight. The good news is that there is no need to break the bank on your solicitor fees. Cheap conveyancing can get the job done promptly and efficiently.
Good advice is to be on the lookout for the company that offers the lowest fixed fees in your area. Read on to learn more about the steps involved in the transfer process.
- Groundwork Before Sales Contract
Before the contract of sale is drawn up, several tasks need to be concluded:
- A complete inspection of the property
- Any defect noted in the title must be disclosed by the seller
- Negotiations, usually with the assistance of your estate agent
These tasks could take up to two weeks to conclude.
- Drawing Up And Signing Of The Contract Of Sale
The estate agent usually prepares the contract of sale. Once all parties approve the contract, the buyer will sign the contract in duplicate, pay their deposit and then supply the contract in duplicate to the seller.
Once the seller has signed the contracts, a copy will be returned to the buyer. Now the buyer is entitled to a cooling-off period of five business days (in the case of residential property).
- Conveyancing Solicitor Gets To Work
Now is the time to approach your cheap conveyancing solicitor who will act in terms of the Conduct and Client Care rules. Their first task will be to investigate the title, initiate searches in various departments and carry out a survey.
Any objections will be dealt with, and the transfer documents can be delivered to the seller. The conveyancing solicitor will assist the buyer with the stamping of the contract.
- Finalising The Process
The last step involves the transfer of funds from the buyer to the seller. This will traditionally happen on what is referred to as settlement day. The keys to the property and all documentation necessary for registration will be handed over to the new owner at this time. This final step usually happens within two weeks of signing the contract.
It is now the buyer’s responsibility to deal with the registration of the transfer, and ownership of the property will be transferred to the buyer upon the conclusion of registration. Notification of this change of ownership must be reported to the relevant government departments.
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