Buying property has been around for ages, at least since the use of currency began. Even before this period, people still bought what they needed, only that the process involved exchanging what one had for what they did not have. As years passed to this date, the process of buying property has now evolved whereby the law is currently involved with a specific procedure to ensure that no one gets ripped off. Due to this reason, the process of buying or selling a property has become more complicated and time-consuming. It's, therefore, a good idea that if you haven't sold or purchased property before, then you should seek advice in what is involved. Luckily for you, below is a summarised process of what you should expect.
The initial process
As stated above, you should expect to be taken through the legal process. Your instruction to what you want to be done is requested by the office involved to know what exactly they are dealing with. You are then issued with some paperwork that you should fill with all that is expected of you. The information you give includes your form of identification and the request for a search of the property. Some amount of money is also requested for the process to commence. A draft contract should also be completed by the solicitor representing the seller and sent to the office. The contract should include all property forms and duplicate of all necessary documentation.
Investigation of the title and report
In this process, the search for the title is carried out as requested as well as the review of the documents received from the seller's solicitor. In cases where an issue is found with the property, or there is a problem with the documentation, then another legal process begins where the office gets in touch with the seller's solicitor for questioning. For more in-depth investigations, the seller is also involved, and the process could take quite some time depending on the issues that arise about the property. However, if no problems are found on the property, a report is then created and sent to you with a financial transaction set by the office.
Signing and exchange of contract
The date of the transaction is then released and as well as the transfer of original documents. On this day, the deposit is sent to the seller's solicitor and the remaining balance charged by the office should also be cleared a day before the completion date. After this is done, there is now the completion date where everything gets handed over from both sides and ownership of the new property is declared.
For more information, contact local professionals like those found at West Legal & Associates.