At this point, the buyer`s developer will review the documents provided and get all the necessary research and also send a list of requests regarding the property. We will guide you through this application process, rather than just sending you a list of questions you need to answer, and advise you on the necessary information. This phase can be repeated several times, depending on whether or not the buyer and his sponsors are satisfied with the answers provided. Additional information may need to be obtained from the free owner or management agent if it is a rented property. In an ideal world, it should take about 9 weeks between the contract drafting phase and the day you trade. But as we mentioned earlier, it`s not always that easy. To get maximum benefits, you need to complete the contract package at the beginning of your transaction. We will provide you with all the necessary forms and give you enough time to check and fill them out. A contract package contains all the necessary documentation to support your sale. This will vary depending on your case. The contract is the document that binds both the seller and the buyer to the transaction. Once the contracts are exchanged, the sale will become legally binding and neither party will be able to withdraw from the transaction without being subject to heavy fines.
The set of contracts will significantly reduce the number of requests made and avoid delays. Not only will you save time and effort in the investigation phase, but you`ll also make sure you`re ready to proceed if you have a buyer. The buyer`s lawyer must hold 10% of his client`s deposit in order to be able to exchange. When contracts are finally replaced, a completion date is set. Closing is the day the funds are received from the buyer and the keys are released. Once a lawyer has been officially notified of the sale, an initial package will be sent to the client with the following documents: In addition to these documents, we will ask you for your answers to the most common requests that a buyer`s lawyer will make after reviewing the contract documentation. By submitting your answers, we can respond quickly and easily when any of these questions are raised. A lot can happen before the day of completion, and to get a taste of what can go wrong, check out our blog on why home sales fail. Many of our clients find the number of requests they receive about their property in the pre-contractual phase can be frustrating.
Our experience in managing several thousand real estate sales means we know what information a buyer`s lawyer is likely to ask for. Your draft contract is a short document written by the seller`s lawyer that contains basic information about the potential sale, such as. B the price, the deposit and all relevant details of the title deeds. It differs from the final contract because there are many more obstacles that could shape the final agreement. For example: the buyer`s lawyer will inquire about the property when reviewing the entire contract. Legal requests are handled by the seller`s lawyer and specific requests regarding the property are forwarded to the seller. The number of requests requested varies and depends on each property, as complex legal issues can arise that can lead to delay, and these issues need to be addressed before moving forward. Documents numbered 2 to 5 form what is called a ”Contract Pack”. If the property for sale is a rented property, the seller must also complete the lease information form, which is also part of the entire contract. If the property is rented, the seller`s lawyer must also request the Freeholder Pack and Management Pack from the Freeholder and managing agents. These packages include details about the lease, service fees and building insurance, etc.
This is then sent to the buyer`s lawyer so that he can verify it. We estimated the cost of preparing the contract package at £354 (VAT included) for a condominium. When you sell a leasehold property, contract packages are calculated individually, as the type of title and administrative arrangements can vary greatly. Once the seller`s lawyer has received the completed documents from his client, the seller`s lawyer can issue the contract package to the buyer`s lawyer. .