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Residential Property

STAGE 1 – A SALE IS AGREED

Solicitor for the Seller	Solicitor for the Buyer
Title Deeds are obtained	Payment must be made on account for expenses incurred on searches etc
Information forms are completed	The contract and by the seller accompanying documents are received from the sellers solicitor.
A contract is drawn up and sent	The title is checked, any to the buyer’s solicitor with additional enquiries are accompanying documents sent to the buyer’s solicitor
Any additional enquiries received	Local authority and other from the buyers solicitor are relevant searches are answered obtained
A completion date (when the buyer	A mortgage offer (where can move in) is agreed necessary) is received
	The contract is given or sent to the buyer to sign and any deposit required is requested

STAGE 2 – CONTRACTS ARE EXCHANGED

The contract is sent to the buyer’s	The contract and non- solicitor returnable deposit are sent to the seller’s solicitor
A deposit is received from the buyer	The transfer and mortgage buyer deeds are prepared and the buyer’s signatures are obtained
Settlement figures for the mortgage	The transfer is sent to the and any other secured loans are seller’s solicitor for the obtained seller to sign
The estate agents account is obtained	Final searches are undertaken with regard to debts and bankruptcy
The transfer deed is approved and signed by the seller	The mortgage advance is requested
	Any further money required is requested from the buyer

ONCE CONTRACTS HAVE BEEN EXCHANGED (BY MEANS OF SOLICITORS EXCHANGING TWO IDENTICAL CONTRACTS, EACH SIGNED BY THE BUYER AND SELLER), THE TRANSACTION IS LEGALLY BINDING.

STAGE 3 – COMPLETION

Solicitor for the Seller	Solicitor for the Buyer
The balance of the purchase price is received	The balance of the purchase price is sent to the seller's solicitor
The outstanding balance on the mortgage is paid directly to the lender	The deeds are obtained and any stamp duty is paid
The Title Deeds are given to the buyer's solicitor	The purchase is registered at the Land Registry
The estate agents fees are paid	The deeds are sent to the lender or (if there is no mortgage) retained for safekeeping
Any balance is paid to the seller
The sale is now complete	The buyer now owns the property