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 seller's solicitor will: apply for both the seller's title deeds and land registery; ask the seller to complete a property information and fixture, fittings and contents form; prepares and sends a contract to the buyer's solicitor; and negotiate a completion date.
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 seller's solicitor will: confirm the completion date; obtain a settlement figure from the lender; recieve the buyer's deposit; and approves the transfer deeds, obtaining the seller's signature.
Stage 3: Completion.
The seller's solicitor will: recieve the balance of the purchase price; pay off the balance of the mortgage; forward the deeds to the buyer's solicitor; and either send the balence to the seller or use it to purchase another property
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This is very important to the point that we should really give attention to every details of ii. Conveyancing problems usually arise when the seller or buyer is not using a solicitor or conveyance or haven’t done enough research to carry on with the conveyancing process. Conveyancing Adelaide uses a standard process which is guaranteed that sales will be done with no further issues.
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