- The Buyer pays a Booking Deposit to an Auctioneer which is refundable if contracts are not signed and exchanged.
- The Seller’s solicitor obtains the Title Deeds and prepares the Contracts for Sale.
- Contracts and Copy Title Documents are sent to the Buyer’s solicitor by the Seller’s Solicitors who examines them and advises the Buyers. Replies to Requisitions on Title are also sent to the Buyer’s Solicitors. These are comprehensive series of questions concerning the property which the Seller’s Solicitor replies too.
- Pre-contract enquiries are raised by the Buyer’s Solicitor. When the Buyer’s Solicitor is satisfied with all matters, the Buyer attends the office of his solicitor and contracts are executed by the Buyer in the presence of his solicitor. These are then returned to the Seller’s Solicitor with the balance of the contract deposit (usually 10% of the purchase price) with a suggested completion date.
- The Sellers then attend their solicitor’s office and execute both contracts. The Seller’s Solicitor returns one signed contract to the Buyer’s Solicitor and retains the other.
- The Buyer’s Solicitor will then requests mortgage monies from the Bank or Building Society if the Buyer is getting a mortgage or directly from the Buyer if it is a cash purchase and a meeting takes place in the offices of the Seller’s Solicitor to close the sale.
- The Auctioneer releases the keys to the Buyer once completion has taken place.
- The Buyer’s solicitor pays the stamp duty on the Deed of Transfer to the Buyer and sends this to the Property Registration Authority to register the title to the property in the Buyer’s name. Once registration is completed the title deeds are returned to the Buyer’s bank if they have a mortgage. If there is no mortgage on the property, the title deeds are retained by the Buyer’s solicitor for safekeeping and a copy of the title document showing the property registered in the Buyer’s name is sent to the Buyer.