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David O'Donnell, partner Tom McGrath & Associates explained that there are three stages to buying a property in England and Wales - pre contract stage, exchange of contract and completion of contract At the pre contract stage the buyer offers, usually through an estate agent and once the seller accepts the buyer must then sort out funding. The mortgage company will usually insist on a mortgage valuation report of the property. The buyer will also instruct his solicitors to investigate the title and contract. The solicitor will raise enquiries on the title, check the mortgage offer and searches and report to client.
If the buyer is happy with the solicitors report, survey and mortgage offer he then proceeds to exchange of contracts, which is the legal and contractual point of no return. On exchange the parties will have an agreed completion date in the contract.
On the day the buyer pays the balance of the purchase monies they are provided with the keys of the property and move in. The seller's solicitors collect the balance of the purchase monies and promises to pay off mortgages, etc. Tom McGrath & Associates, tel: 01 6610707.
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YOU ARE HERE: 11 November 2007 / tribune.ie / 2007 / 06 / 24
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