Conveyancing in Bournemouth involves three basic stages:
- Offer and acceptance of the property price
- Exchange of contracts among the parties
- Completion
Once both the parties – buyer and seller of a property agree on the specific price of the property, they enter into a contract.
Related: House Conveyancing Solicitors Portsmouth
Both parties are allowed to back out of the transaction as long as they are in this first stage since it is not legally binding yet. When either of the parties decides to do so, none of them can incur any financial penalty.
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The party buying the property is free to work with their lawyer and perform property checks. These checks may include:
- Conveyancing property search by the conveyancing lawyer, such as the local authority search.
- Independent survey of the property by the buyer, without engaging the solicitors.
- Reviewing the property information by the conveyancing lawyers, provided by the seller.
After satisfying property checks, the buyer and the seller agree to sign and exchange the contracts. Once both parties sign the contracts, the transaction becomes legal binding to both parties. At this stage of any party that decides to pull out, may face a financial penalty.
When the transaction reaches the completion stage, the deal is considered official now. In this stage, the lawyer submits the property deed to the HM Land Registry, and the seller surrenders or leaves the property.