Residential Conveyancing – Flow Chart For Sellers
Initial contact – When you get in touch us with we will discuss your requirements and forward to you a client care letter, setting out our commitments to you and giving our terms of business. We will provide you with a client care feed- back form at the outset of your instructions.
Instructions – We will receive from the estate agent Particulars and Memorandum of Sale providing details of the offer and the purchaser’s solicitor’s contact details.
Contract Package – Where we act for the seller we will send out a draft contract and evidence of title immediately upon your instruction. There will be standard forms which give information about the property for you as seller to complete with any help from us you may need.
Reply to Enquiries – We will reply to enquiries raised by the purchaser. These may arise from the information supplied in the pre-contract package, the results of the buyer’s local searches or survey.
Exchange of Contracts – When you and the seller are ready to proceed, contracts can be exchanged and a completion date set. This is when the agreement becomes legally binding, a deposit of between 5% and 10% of the purchase price will be paid by the buyer.
Preparation for completion – The completion date is the date that you move out of the property. You will need to ensure your removal arrangements have been made by the completion date and any alternative accommodation found. A completion statement will be sent for your approval showing the movement of funds.
Completion – The day of completion is the day by which you must move out of your property and the funds from the sale are received. The remaining purchase monies will be transferred to our client account and any existing mortgage will be redeemed. Proceeds of sale, less costs and disbursements, will be remitted to your account. We will forward to the seller’s solicitor the deed transferring ownership of the property and settle the estate agents’ account from the sale proceeds.