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Understanding conveyancing | The Contracts
The seller must arrange for the contract to be drawn up, normally via a property solicitor, The Draft Contract will contain information gathered from the seller and other sources and will include details of the agreed price, the boundaries, any fixtures and fittings, planning restrictions, Energy Performance Certificate and so on. The contract will also state a completion date which is normally agreed in advance by the seller and buyer.
Whilst most people hate the paperwork side of things it is important to go through the contract with your conveyancing solicitor if possible but we would recommend thorough consideration as this may help you negotiate the terms of the transaction and ensure you do not receive any surprises at a later date. Around this time your conveyancer will also conduct a number of searches and checks on the property.
Exchange of contracts.
When you and the other party are satisfied that the terms of sale are correct you will both be asked to sign and exchange contract. The sale is now binding, If you are a buyer you will normally pay the solicitor a deposit which will be agreed between all parties, the buyer is now also responsible for the buildings insurance on the property.
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