To help you understand the process of purchasing a property, below is our step by step guide to a typical purchase transaction.
- 1. The buyer makes an offer on the property, which is accepted by the seller
- 2. The buyer’s solicitor will be instructed to act and the buyer will arrange a survey on the property, and makes an application for a mortgage (if needed).
- 3. The buyer’s solicitor will confirm instructions by letter to the buyer and will contact the seller’s solicitor to obtain the contract pack
- 4. The buyer’s solicitor will then check the contract pack, raise pre-contract enquiries, carry out the necessary searches and obtain a copy of the mortgage offer
- 5. The seller’s solicitor and the seller answer these pre-contract enquiries and return these to buyer’s solicitor.
- 6. The buyer’s solicitor will review and provide a report to the buyer on the contents of the contract pack, pre-contract enquiries, the result of the searches and mortgage offer and then when the buyer is happy to proceed the buyer will pay the deposit to the buyer’s solicitor in readiness for exchange of contracts
- 7. The seller and the buyer agree on a completion date and contracts are formally exchanged. At this stage both parties are legally committed to the transaction