Selling or buying your home are amongst the most important decisions you will ever make and require a great deal of thought at every step between deciding on a proceed to the hiring of a removal vehicle. They also require vital legal formalities and the intention of these notes is to assist you to understand those formalities.
The Customer’s Offer
If you are buying a property it is wise to make the offer susceptible to Survey and Contract. This allows you to have a change of mind and not continue with the purchase if, for example, a bad Survey is obtained or a Mortgage cannot be secured, When you make an offer to the Seller or the Seller’s Estate agents ALWAYS sell house fast Hartford make the offer susceptible to Survey and Contract. NEVER sign a document during this period without first obtaining your Solicitor’s advice.
The Contract
The Seller’s Solicitor draws up a document known as the Contract. This document gives full details of the Agreement reached between the Seller and the Buyer. It sets out the sticker price, the names and addresses of the Seller and Buyer and describes the property. It also states whether the property is Freehold or Leasehold. The Contract will also include any Special Conditions which have been agreed between the Seller and Buyer, for example, whether the Seller will carry out any repairs to the property before the end date.
National Conveyancing Protocol (or Transaction)
This is a Scheme recently introduced by the Law Society and which has been used by Keith Park Lawyers and a large percentage of Lawyers Firms across the country. The steps active in the sale and buy are carried out relative to this Protocol, the use of which is to ensure that the Seller’s Lawyers provides Customer’s Lawyers with as much information as is possible about the property at the outset of the transaction. This helps to narrow the time hole between the agreement on the sale or purchase and the actual exchange of Contracts. If you do not write to the contrary we will assume that you have no argument to us using this “Transaction”.
Leasehold Property
This arises when a property is let by online resources the Freehold to online resources the property for a period of years usually 999 years. The Rent will be a long and fairly complex document. The key Clauses within Leases usually include those relating to the term of years, the bottom Rent and the Lessee’s Covenants which are constraints on use and obligations signing up to the property.
Joint Ownership
When two or more people buy property they can buy as “Joint Tenants” or “Tenants in Common”. Most people who buy property do so as “Joint Tenants”, This means that if one co-owner is disapated his or her share in the property automatically passes to the survivor. The alternative is a Tenancy in keeping which is appropriate for co-owners who have no personal relationship. If a Tenant in keeping is disapated then that model’s share does not pass automatically to the survivor but forms the main Est of the dead person and passes under their Will.
A Tenancy in keeping may also be required if the Buyers are putting in bumpy deposits and the person putting in the bigger amount wishes to ensure that he or she retains a proportionate part of his or her share in the property when it is sold. If an unmarried couple are purchasing a property they might wish to instruct us to prepare a Cohabitation Agreement/Trust Deed, which can include details of their motives if he or she separate and the property is sold.
Property Information
When instructions are received from you to act on your sale, a List of questions will be submitted for you to complete. This contains questions relating to your possessions for example, telephone calls such for the ownership of the boundary fencing, differences with your neighbors, accessibility to Guarantees etc. This information is then supplied to the Customer’s Lawyers when the draft Contract is posted out to you. It is vital that you see the front page of the List of questions before completing your responses and if you have any Guarantees, Reports, Planning Permission etc in your ownership you should forward such to your office when returning the List of questions.
Fittings, Equipments & Contents
If you are selling, we will send which you Schedule for your end and return with the Property Information List of questions. In the “included” section you should list all items which you have agreed with the Buyers are included in the agreed sale price, Anything which you can market as an extra sum should be listed separately. Be particularly careful also in listing those things that you need to take with you to your new home. The Schedule will form the main Contract and you will not be able to change your brain as to what is included or omitted after Exchange of Contracts without the Customer’s consent or perhaps being required to compensate the purchaser.