Selling My Property
Step 1: Finding a Purchaser
The first step in selling your property is to engage an Estate Agent for the purpose of advertising your property for sale. When a satisfactory offer has been received and the booking deposit paid the Estate Agent will forward a sale advice note to your solicitor. The sales advice note will detail the purchase price, the property address the address of the purchaser’s solicitor.
Step 2: Title Deeds
It is necessary to locate the title deeds when selling the property. If there is an existing mortgage on the property then the title deeds will be most likely held by the bank that provided the mortgage. Your solicitor will arrange to obtain the title deeds from the bank on. The bank will usually charge an administration fee for releasing the title deeds.
Step 3: Contract for Sale
Once your solicitor has received the title deeds he/she will investigate title and proceed to draft the contracts for sale. The contracts for sale are sent to the purchaser’s solicitor. Once the purchaser’s solicitor is satisfied with the contracts he/she will arrange for the purchaser to sign and return them to your solicitor together with the deposit. The deposit is usually 10% of the purchase price.
Step: 4 Questionnaire
The purchaser’s solicitor will send a questionnaire to your solicitor known as “Objections and Requisitions on Title” to be completed by your solicitor. Once the purchaser’s solicitor is satisfied with the responses he will forward a draft transfer document for your solicitor’s approval.
Step: 5 Preparing for Closing
Your solicitor will then prepare the closing documents and arrange a date for the purchaser’s solicitor to attend his office for the purpose of closing the deal. Your solicitor will also arrange for you to attend this meeting in order to sign the closing documentation.
Step: 6 Redeeming the existing mortgage
Your solicitor will write to the bank to obtain redemption figures to i.e. to ascertain the outstanding balance on your existing mortgage. Your solicitor will arrange to discharge this mortgage from the purchase funds so that the purchaser will obtain a clear title.
Step: 7 Closing
On the closing date the purchaser’s solicitor will attend your solicitor’s office where the closing documents, keys and alarm code (if any) will be exchanged for the balance purchase price.
Step: 8 Completion
Your solicitor will arrange to discharge the outstanding mortgage from the proceeds of sale with the balance proceeds being paid to you. At this stage your solicitors fee will be payable.
Having known Michael Burns for 5 years he is the only solicitor I turn to for advice on Planning and Property law. Whether it’s buying or selling a property or advising on the Planning Acts Michael identifies all the relevant issues but gives solutions not problems. Always professional, quick turnarounds do not compromise quality at MB Solicitors. I would have no hesitation in recommending Michael.