8

Mar

2019 Steps in a Conveyancing Transaction

I. Pre-contract.

Offer accepted by estate agent

•Booking deposit paid

•Estate agent notifies all parties of sale details

•Purchasers carry out survey and seek loan approval

•Contracts are issued by vendors solicitors to purchasers solicitors

•Requisitions on title issued by Vendors solicitors to purchasers solicitors

Purchasers solicitor carries out full due diligence to sometimes include legal searches

•2. Contract. 

Once all terms agreed – purchasers sign contracts and furnish two copies with 10% deposit monies to vendors solicitor

•Vendors then sign and return one part of the contracts to the purchasers

•Binding contract then in place 

•3. Post-contract/pre-closing 

Deeds drafted and approved

•Declarations drafted and approved

•Closing documents signed by vendors

•Declarations sworn by purchasers

•Vendors solicitor seeks bank redemption figures

•Apportionment accounts for LPT,Service charges prepared and agreed

•Closing date set – pre inspection by purchaser 

•4. Closing.

Lender funds drawn down by purchasers solicitor

•Funds transferred from purchasers solicitors to vendors solicitors to be held strictly in trust pending closing

•Original closing documents sent from vendors solicitors to purchasers solicitors

•Searches carried out – judgement, bankruptcy, sheriff, land registry, registry of deeds, receiver of fines, planning searches.

•All on the day of closing. – NB

•Keys released by the estate agent 

•5. Post-closing.

 Discharge of undertakings

•Payment of mortgages on title

•Payment of LPT if required

•Stamping of deeds with revenue commissioners 

•Registration of Title with registry of deeds and land registry

•Furnishing deeds with lender

•Making a will