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Selling A Property

By: Khalid Hamadeh

Read More About Intellectual Property

In comparison to buying a property selling a property is very simple. There is no need to establish title or carry out searches, and you do not have to be on guard against possible defects in the title. Providing you make no false representations about the property your only cause for concern is that you get your money. Selling a property is therefore something you could quite easily do yourself.

Problems do however occur when there is a mortgage on the property as the mortgagees will not release the Title Deeds to the owner, only to a solicitor, and then only under an undertaking by that solicitor not to part with the deeds until such time as the mortgage has been paid off. It is therefore unfortunately not possible for anybody with a mortgage to sell his or her property without using a solicitor.

The following will be an outline of the processes a solicitor involved in selling a property would have to go through. If you do not have a mortgage and after reading the outline you feel that you would like to deal with the matter yourself we will later explain how you would go about getting the necessary forms.

On being instructed to sell a property a solicitor will obtain the title deeds from either the owner, or in the case of there being a mortgage, the mortgagee. He will then apply to the Land Registry for office copies. He will do this by completing Land Registry form 109. This form will state the title number of the property enabling the Land Registry to recognise the property and to let you have copies of all the information on the register, together with an ordnance survey plan, showing the property boundaries outlined in red.

The vendors solicitors will then forward preliminary enquiries to the vendor to complete. Preliminary enquiries are comprised of a sellers property information form, which asks straightforward questions about the property, and a fixtures and fittings schedule.

Once the vendors solicitor has received the preliminary enquiries back from the vendor, duly completed, and he has received the office copies back from the Land Registry he will send these documents to the purchasers solicitor together with a contract, in duplicate.

This is a standard contract and contains details of the parties, property and price. It will also contain terms and conditions relating to the transaction, such as penalties for breach of contract, and procedure for exchange of contract and completion.

The contract is sent in duplicate, so that the purchasers solicitor can return one part either approved as drawn, or amended. It is rare for there to be any amendments as most solicitors use a standard contract. On receiving the approved or amended contract from the purchasers solicitor, the vendors solicitor will have the vendor sign the contract in readiness for exchange of contracts.

Once the vendors solicitor has sent the office copies, preliminary enquiries and draft contract, in duplicate, to the purchasers solicitor, and he has had the vendors part of the contract signed by the vendor, he has nothing to do until the purchaser is ready to exchange contracts, unless the purchasers solicitor wishes to raise any further enquiries about the property, or the vendors title to it

Exchange of Contracts (Selling)

Exchange of contracts will usually, in matters where both parties are represented by solicitors, occur over the telephone. Both solicitors will agree a completion date and insert that date into the contract. The contract itself will be dated, and a note made of the exact time that contracts were exchanged.

The deposit payable will be inserted, usually, but not necessarily, 10%, and the balance purchase money payable on completion will be calculated and inserted. Both solicitors will then forward their clients part of the contract to the other and the purchasers solicitor will send a cheque for the deposit with his part of the contract.

Article Source: http://depositarticles.com/

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