Many property owners prefer to sell their property on their own. Property listing sites facilitate them to conveniently advertise their property and find potential buyers. They can negotiate the value of the property and sell it on their own terms. However, they ought to know about the legal requirements so as to buy or sell a property without any issues.
Conveyancing refers to the process of transferring the legal rights of a property. If you’ve acquired the services of a real estate agent to buy or sell a property, they’ll guide you on how to get it done the right way. However, you may have to get in touch with a solicitor if you want to sell your house on your own.
Conveyancing is a basic legal requirement. The conveyancing process includes the following stages, when selling a property:
The conveyancing process should start early when you want to sell a property. Buyers may have to deposit a certain amount to show their interest in purchasing the property. However, it doesn’t mean that there is a contract, binding you to sell your property. If a solicitor is involved since the early stages, it will save you from legal issues down the road.
Acceptance of Offer
It’s recommended to hire the services of an appraiser to determine the current market value of your property. It will help you choose the right buyer for your house. Once both parties have reached a mutual agreement, the seller will draw up a contract. The contract draft includes all the terms and conditions. The buyer may want to negotiate the terms of the contract. After negotiation, the final draft of the contract will be prepared.
It’s the responsibility of the buyer’s solicitor to conduct a research about the property. They must get in touch with local authorities, such as water and drainage department, to ensure that the buyer doesn’t face any problems in future.
The final draft of the contract needs to be signed by both parties. The signed copies of the contract should be exchanged. The seller and buyer also need to finalize a moving date.
Once both parties have exchanged the contract, a cooling-off period follows. However, in case of property auctions, certain restrictions may apply. If any party wants to change their mind, they may cancel the contract during this time period.
During the settlement time, both parties need to make arrangements for due payments and arrange legal documents that will be needed to transfer the property rights. Online innovators are offering online conveyancing services for your convenience.
Once the solicitor of the selling party has approved that they have received the due amount, the buyer will become the new official owner of the property. The keys are either handed directly to the buyer or their estate agent. The solicitor of the buyer will then register their ownership with the Land Registry department. This process must be carried out within a month after the completion of purchase.