5. The Home Buying Process

Question 1

Role of the seller/vendor

Answer 1

• Seller has to decide what is included in sale e.g. fixtures & fittings
• Once contracts have exchanged, failure to complete my result in legal action

Question 2

Role of the estate agent

Answer 2

• Represent seller from property brought to market to sale agreed
• Advise on any work property needs and price setting
• Negotiations between seller and potential buyers

Question 3

Role of the surveyor/valuer

Answer 3

• Valuation needed by buyers lender to determine the loan amount
• Full building survey more expensive but more detailed and peace of mind

Question 4

Role of the legal adviser: solicitors/conveyancers

Answer 4

• Advise to purchase buildings insurance
• Drawing u contracts between lender and borrower

Question 5

Implications with property defects

Answer 5

• Dry rot affects timber, Wet rot less serious but can still cause damage
• Subsidence damage caused when land below the property drops
• Heave is caused when ground below property rises
• Lender may impose conditions before accepting mortgage
• Valuer may decide the property is not worth the price