Important Steps On How To Exchange Contracts When Buying A House

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Once you have chosen what property or house to purchase and your offer to purchase the property has been accepted you will have to exchange contracts. So, when both the parties have decided and agreed to the terms of the contract the transaction of the property has to be done through the legal system. Once you have signed the contract the solicitors will read the contracts to make sure the contracts of both the buyer and the seller are the same. Until the contracts are exchanged legally one party could pull out of the sale without any serious penalty. When the contracts are exchanged properly both the parties will be legally bound to the sale.

Choosing a conveyancing solicitor.

To transfer the title of the property legally you will have to find a solicitor. The conveyancing solicitor will draft the contract, expedite any surveys and will transfer the title. Once you have made an offer to the seller and agreed on the price the seller will have to accept your offer. When you are making the offer make sure that you have properly understood the terms and the conditions of the contract for an instance if you agree to purchase a house provided that the seller will replace the tiles in the bathroom or anything to be fixed or any fixtures to be added to the property you need to clearly understand that these changes are part of the contract. Therefore, make sure you know the terms of the contract properly. You need to hire either a licensed property conveyancer or a conveyancing solicitor to complete the process. A solicitor or a conveyancer both can help with the paperwork such as to draft the contract and to perform relevant searches on the property. 

Finding a solicitor or a conveyancer.

If you have hired an estate agent, he will make a recommendation but there are plenty of ways to find a solicitor or a conveyancer. You can ask for recommendations from your family, friends or someone who has recently bought or sold the property. Also, you could search for the best conveyancer Mitcham or a solicitor on your own by using online directories. There are numerous websites that allow you to search for a conveyancer or a solicitor in your area.

Hire the solicitor/ conveyancer.

Make sure you hire a solicitor as soon as you make your offer. Contact your solicitor if you need any doubts to get cleared about the contract. Read the contract thoroughly and ask any questions you have about the terms of the contract. Read the whole contract and then sign it.