How to sell a house? Conveyancing solicitors giving you a Guide to Selling in Dorset
So you've decided to sell your home - now what? Our step by step guide on how to sell a house takes you through the stages of selling your property.
1) Title deeds
We will need to ascertain from you the whereabouts of your title deeds. A few mortgage lenders may still have these but most no longer keep them. If you have a mortgage secured against your property and have not received your title deeds from either your lender or the solicitor who last acted from you, we will have to write to the lender and request any deeds that they hold. If you hold them yourself, you need to let us have them as soon as possible.
2) The contract
The deeds are required to enable us to draw up the contract. The contract sets out the terms of the sale, including the price and the relevant parties involved. This is then sent to the buyer's solicitor for their approval. We also send them the title deeds and any other guarantees or papers which you are able to supply to us and, which are of relevance to works undertaken to the property.
3) Property information
At the outset of your sale we will send a number of questionnaires to you relating to the property and a list setting out details of the fixtures, fittings and contents included in the sale. It is important that these forms are completed fully and as accurately as possible as any incorrect information could lead to the buyer claiming compensation for misrepresentation.
4) The contract package
Once we have collected all the information that is required, copies of all the relevant documentation will be forwarded to your buyer's solicitor for him to investigate your legal title to the property. He may raise some additional enquiries, which we may need to refer to you if we require further information. At this stage we will ask you to sign the contract. We are merely getting it signed in readiness for an exchange of contracts, you will not be committing yourself to the sale at this stage.
5) Exchange of contracts
After the buyer's solicitor has completed his investigations, you will need to agree with your buyer a date for completion, i.e. moving house. Once this has been agreed we will take your final instructions to ensure that you are happy to proceed with the sale and assuming that you are, we will then effect an exchange of contracts. It is at this point that you will be committed to the transaction and the terms of the contract cannot be changed. If after contracts have been exchanged, either party tries to cancel or delay the agreed arrangements, then the other party will have the right to sue for damages.
6) Preparing for completion
After exchange of contracts, the buyer's solicitors will forward the Transfer Deed to us. This is the document that formally passes ownership of the property from you to the buyer. This must be signed prior to completion. We will also be obtaining a repayment figure from your lender (where applicable), in order that we can pay off your mortgage once we have received the purchase monies from the buyer's solicitor on the day of completion.
On the day of completion you should aim to vacate the property by noon. You should deliver the keys to your estate agent, who will then hold them until we can confirm that the purchase monies have been received and that the buyers now own the property. We will then account to you for the net proceeds of the sale, or forward the money on to
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