You have just made one of the biggest decisions in your life: selling your home. Suppose you already have a buyer and you’ve come to an agreement as to the sale price – now what do you need to do?
As the seller, it is your responsibility to draw up a legal contract to transfer ownership. The contract must contain details about the sale price, the property boundaries, which fittings and fixtures are included, any planning and legal restrictions about using the property, and when the sale would be finalised.
Take note that there are house conveyancing fees involved in this process, so do your research. You may also hire a conveyancer or a solicitor to draft the initial contract and negotiate the contract details if necessary.
Let’s take a closer look at the process of conveyancing and what needs to be done to make sure the sale progresses legally.
Exchanging contracts and completion
When you and the buyer find the contract satisfactory, you will both sign final copies and do a contract exchange by sending the contracts to each other. The agreement is then considered legally binding, and the transfer of money can commence. All the legal documents necessary for conveyancing or transferring ownership are given to the buyer.
If you are still staying in the property, you will now begin to move out and leave the house in the state agreed upon in the contract. You will hand over the keys to the new owner, and the sale is completed.
Hiring a conveyancer
While it sounds like a simple and straightforward process on paper, conveyancing involves other things before any transaction can take place, such as formal enquiries. If these details aren’t attended to properly, or if these steps are not done at all, then serious problems may arise later.
Preparing the documents necessary for the sale also involves a lot of financial and legal aspects. If you are not well-versed in the ins and outs of conveyancing (legal jargon included), you may find it difficult to attend to the paperwork and other things that need to be done.
This is where licensed conveyancers and property solicitors come in. These professionals have the knowledge, experience, and certifications required to ensure a smooth transaction, especially if a mortgage is involved. So, if you are unsure of how to do conveyancing properly, it is not only advisable but also wise to use a professional conveyancer.