Once the offer is accepted
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
Exchanging contracts
When the buyer and seller are happy with the contract, both sides sign final copies and send them to each other.
The agreement to sell and buy is legally binding once this happens. Usually neither party can pull out without paying compensation.
Completion
Once you exchange contracts and deal with any remaining checks the buyer has asked for:
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The money is transferred from the buyer to the seller.
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The legal documents needed to transfer ownership are handed over to the buyer.
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The seller moves out and leaves the property in the state agreed in the contract.
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The seller hands over the keys to the buyer.
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The property now belongs to the buyer.
