What is Conveyancing?
After a sale has been agreed conveyancing is the legal process of transferring your property to the purchaser. There are 5 key stages.
1. Missives
This is the document in form of a letter, between the seller and the purchaser. Until missives are concluded either party can walk away from the verbal deal. Once they are concluded, parties can't withdraw without penalties.
2. Examination of Title
The purchaser's solicitor will examine the title deeds and other searches and relevant documentation to ensure the purchaser is getting good and marketable title to the property.
3. Preparation of Deed
The purchasers solicitor prepares the disposition (deed) transferring the property which is signed by the seller.
4. Moving Day
The purchasers solicitor exchanges the purchase price for the signed disposition and the keys to the property. The transaction is now completed.
5. Settlement of Mortgage
The selling solicitor will settle any existing mortgages and fees and outlays before paying the balance to the seller.