The ease of purchasing real estate in Crewe is to a large extent dependent on the contribution of solicitors in crewe in conveyancing. Crewe prides in hosting solicitors who help in the buying and sale of homes. Conveyancing is much more complicated than you can imagine. A lot of legal documents have to be drawn during conveyancing. Solicitors must also do the necessary research to make sure that the no dispute arises after the property is sold.
From drafting a contract
Solicitors help sellers to draw draft contract. This document contains the seller’s term of the contract. It stipulates the price that the seller expects the buyer to pay for the property. Draft contract is collected by the buyer’s solicitor from the seller’s solicitor. The buyer’s solicitor gives this document to his client who goes through it and raises issues with the terms or agrees to the provisions of the contract.
If a buyer is not satisfied with the conditions of the contract, he will recommend changes and have his solicitor send his own demands to the seller’s solicitor. The seller’s solicitor and his client will review changes proposed by the buyer. The final draft will then been drawn by both solicitors separately and in regards to terms that are mutually agreed upon by the buyer and seller. This draft is a mutual agreement between the buyer and the seller to exchange the property under the agreed upon terms.
Most of the communications between solicitors are done by phone or mail. A few solicitors meet physically. After the solicitors have drawn the final draft, they give these to their clients to sign. The solicitors then exchange drafts so that the buyer has the sellers draft and vice-versa.
The first and important payment to the property that the buyer makes is a deposit. A buyer must deposit a given amount of money to his solicitor’s account. The solicitor will transfer the money to the seller’s solicitor who will then give it to his client. The amount of deposit charged within a given geographical area is usually fixed. It is 10% in most of UK. The buyer can pay the full value of deposit or a fraction of it. The seller must give his consent for the buyer to pay a deposit that less than stipulated by law.
After payment of the deposit, solicitors exchange contracts. Exchange of contracts is an important milestone in conveyancing. It binds the buyer and seller in the contract such that if either of them decides to terminate the contract without the other party’s consent, then he will be liable to punitive measures. A buyer who initiates contract termination has to forfeit the 10% deposit that has already been paid to the seller. If only a fraction of the deposit were paid, then he must pay the remaining amount failure to which legal action can be taken against him. A seller who terminates the contract can be sued. The seller cannot accept another offer, or gazump the value of the property.
Completion of conveyancing usually occurs between 1-4 weeks after exchange of contracts. This is when the buyer gives the seller the remaining amount of money quoted in the final draft. The seller surrenders ownership documents to the buyer who then assumes ownership of the property.