There are 3 stages involved in buying or selling a property: agreeing the sale; exchanging of contracts; and completion. At each stage both buyer's and seller's solicitors have specific tasks to carry out.
Stage 1: Agree the Sale.
The buyers solicitor will request payment for expenses; recieve the contract from the seller's solicitor and make any necessary additional enquiries; carry out local authority searches; ask the buyer to agree the property information form; recieve the mortgage offer from the lender; and reports to the buyer with the contract asking for the deposit.
Stage 2: Exchange of Contracts.
After this stage, the contract becomes legally binding, i.e the buyer must buy and the seller must sell.
The buyer's solicitor will:send the contract and deposit to the seller's solicitor; prepare the transfer and mortgage deed, obtaining the buyer's signature;arranges and prepares any final searches; and request their fee.
Stage 3: Completion.
The buyer's solicitor will:send the balance to the seller's solicitor; recieve the deeds; register the transfer with land registery; and send the title deeds to the lender.
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