Selling of residential property consists of various stages, primarily it is the duty of the residential conveyancing solicitors to obtain an office copy entry from the Land Registry to find out the ownership of the property.
Once the residential conveyancing solicitor is satisfied that the person selling the property is the legitimate owner of the property then he must go through the memorandum of sale.
Memorandum of sale:
It is a document that is created once a sale has been agreed on a property and will set out the agreed price and declares the intention of both the buyer and seller to complete the transaction. It will consist of the name of the seller and buyer solicitors firm. A Memorandum of sale is not a legally binding document.
Once the sale is agreed then it is the duty of the seller solicitors to:
The seller is responsible for drawing up a legal contract to transfer ownership.
The contract contains details about:
- the sale price
- the property boundaries
- which fixtures and fittings (like carpets and kitchen units) are included
- any legal restrictions or rights, like public footpaths or rules about using the property
- any planning restrictions
- services to the property, like drainage and gas
- when the sale will complete
If the seller has hired a solicitor or conveyancer, they will:
- draft the initial contract
- answer questions from the buyer’s solicitor or conveyancer (with the seller’s help)
- negotiate the details of the contract if necessary
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