When selling a property it is your Solicitors job to take up the title deeds to your property from the mortgage company that holds them. On receipt of the title deeds your Solicitor will prepare contracts for sale and provide the purchasers Solicitor with copy's of any of the title deeds necessary for your Solicitor to prove your ownership and for them to investigate fully the history and ownership of the property and related matters.
The Purchasers Solicitor will examine the title and return the contracts signed by the purchasers together with their requisitions and objections on title (questions relating to the property) together with their contract deposit (10% of the purchase price less the money given to the auctioneer).
You will then be asked to sign contracts and your Solicitor will return them to the purchasers Solicitor. At this point you will have a binding contract for sale and not before. Once contracts are exchanged between solicitors – there is no going back unless by mutual agreement between the parties.
You can ensure that the transaction referred to above runs smoothly by preparing in the following manner:
The Purchasers Solicitor will examine the title and return the contracts signed by the purchasers together with their requisitions and objections on title (questions relating to the property) together with their contract deposit (10% of the purchase price less the money given to the auctioneer).
You will then be asked to sign contracts and your Solicitor will return them to the purchasers Solicitor. At this point you will have a binding contract for sale and not before. Once contracts are exchanged between solicitors – there is no going back unless by mutual agreement between the parties.
You can ensure that the transaction referred to above runs smoothly by preparing in the following manner:
- Advise your Solicitor that you are going to sell your property. This will allow him/her to take up the title deeds from your mortgage institution and be in a position to furnish contracts to the eventual purchaser immediately after that sale has been agreed. It takes approximately two weeks for your bank to release title deeds.
- .Attend with your Solicitor and answer some preliminary questions which will assist him/her in the preparation of the contracts and in the preparation of the answers to the Objections and Requisitions on title that will be raised later
- If you have had your property altered in any way (extensions or otherwise), let your Solicitor know and where planning permission was acquired, furnish him/her with copy's of the planning permission and other related documents.