Page 4 - Masons

The process of buying & selling
If you are unsure about the process of buying or selling a property, this article will guide you through the main points along the process. Don’t forget that Masons Estate Agents are on hand to offer assistance at all times should you need it.
Selling a property
1. You instruct your chosen solicitor and pay money on account.
2. You return completed forms and I.D.
3. Your solicitor issues Contract Papers to the buyer’s solicitor and they send the contract to you to sign and return.
4. You then return the signed contract to your solicitor.
5. Your solicitor receives enquiries from the buyer’s
solicitor and send them on to you.
Purchasing a property
1. You instruct your chosen solicitor and pay them on account, return completed forms, I.D. and proof of deposit.
2. The solicitor then receives and reviews contract and title documents and requests searches on the property you are purchasing.
3. Initial enquiries are raised with the seller’s solicitors on the title to the property.
4. The solicitor receives your mortgage offer and report to you on the mortgage with a financial statement and
6. When your solicitor receives your responses to the enquiries, they will then forward them onto the buyer’s solicitor.
7. Your solicitor then issues a financial statement to you showing the balance available from the sale.
8. The file is signed off by your solicitor.
9. A completion date is agreed between all parties
in the chain.
10. An exchange of contracts takes place.
7. The solicitor receives the replies to title and search enquiries and report to you on these accordingly.
8. They then report to you on the property and enclose a contract for you to sign and return to them (some solicitors send contracts for signing at the beginning).
9. You then send deposit money to your solicitor in preparation for an exchange of contracts.
10. Now there is a final file sign off by the conveyancer.
mortgage deed for you to sign and return.
5. You can then return the signed contract and mortgage deed.
6. Search results are received, and any additional enquiries are raised and the solicitor reports to you regarding the searches.
11. The solicitor requests mortgage funds and requests any remaining balance from you, and a completion date is agreed between all parties.
12. You then exchange contracts.