Conveyancing steps in a purchase transaction

The conveyancing process involves several steps that must be taken during a purchase transaction. Firstly, the buyer and seller should agree on the terms and conditions of the sale, including the price and any special conditions. After that, the buyer's conveyancer will conduct searches to ensure there are no issues affecting the property, such as planning restrictions or outstanding debts.

Once the searches are complete, the conveyancer will draft a contract of sale and send it to the seller's conveyancer for approval. Once both parties have agreed on the contract, the buyer will pay a deposit and sign the contract. After this, the conveyancer will exchange contracts with the seller's conveyancer, making the sale legally binding.

The conveyancer will then carry out final checks, such as ensuring that all necessary paperwork has been completed, and will prepare for settlement. On the settlement day, the buyer will pay the balance of the purchase price, and the conveyancer will arrange for the transfer of ownership to be registered with the relevant government authority.

Mortgage Broker Paul Tait @ Your Property Financial & Chris Barry @ Thomas Legal Solicitors