Conveyancing Guide to Buying & Selling a Property at the same time

 

How do I buy and sell a house at the same time?

Here is the legal process in 10 simple steps.

 

1. Contact your Solicitor to take up the title deeds from your current mortgage provider if they are not already in your possession. In order to do this, we will draft a letter of authority for you sign. This will allow us take up the title deeds from the bank. This ensures that we can draft your contracts so as to avoid any delays. It is always best to ‘’Stay ready”

 

2. Nobody wants to be in a situation where they have signed a contract for the sale of their own house but have not signed a contract for sale in relation to their new house. As your solicitor we will insert a special condition in the contract stating that the sale of your current home is dependent on the purchase of your new home. That way if the purchase of your new home were to fall through for any reason you will not be forced to sell your current home.

 

3. Contact your mortgage broker or bank to ensure you can raise any additional finance if required to purchase your new home. You may experience delays with the Bank issuing a loan offers. Steps 2 and 3 can be completed simultaneously.

 

4. Contact your estate agent. Your estate agent will find a buyer for your current home. Once the agent has found a buyer and has received the booking deposit, we will issue the contracts to the prospective purchaser’s solicitor.

 

5. Currently purchasers are finding it difficult to find a house to purchase and the house hunting process can be daunting in circumstances where there is a lot of competition from buyers. Once you find a new house to buy you will be asked to pay a booking deposit to the estate agent. Once paid the vendors solicitor will issue the contract for sale to us.

 

6. Once we have reviewed the contract for sale and completed our due diligence, we will arrange for you to attend our office to sign contracts for the purchase of the new house.

 

7. At the same time your purchaser’s solicitor will have reviewed the contracts for sale of your existing property and completed their due diligence. They will send us contracts signed by the purchaser. We will then arrange for you to attend the office to countersign the contracts for sale.

 

8. We then issue one signed contract to your purchaser’s solicitor, and both signed contracts to your vendors solicitor. The vendor will then counter sign the contract and return to us.

 

9. We will then order the mortgage funds from your mortgage provider to complete your purchase. Your purchaser’s solicitor will do the same in relation to your sale.

 

10. On the closing date your purchaser’s solicitor will transfer the purchase funds to us, and we will release the keys to the purchaser. We then transfer the balance purchase price to the vendors solicitor iforyour purchase and they will release the keys to us.

 

At MBSolicitors we are experienced property and conveyancing solicitors. We also understand that you may have budgetary constraints. Our conveyancing fixed fee affords peace of mind to our clients.

If you are Buying and Selling a property, contact MBSolicitors +353-1-5677343 for a no obligation fixed fee conveyancing quotation or use the enquiry form below.