Overview of transaction

Question 1

what are the key stages to a freehold transaction?

Answer 1

1. pre-exchange stage
2. exchange
3. pre-completion
4. completion
5. post-completion

Question 2

what are the pre-contract stages?

Answer 2

a. taking instructions
b. deduction of title
c. drafting the contract
d. investigation of title
e. searches and enquiries

Question 3

what is a simple explanation of exchange?

Answer 3

a promise to buy/sell

Question 4

what are the pre-completion steps?

Answer 4

a. preparation of transfer deed
b. searches
c. agree completion details
d. check finances in place if acting for B

Question 5

what is a simple explanation of completion?

Answer 5

transfer of ownership from the seller to the buyer

Question 6

what are the post-completion steps?

Answer 6

a. seller discharges mortgage
b. if applicable - charge registered at CH
c. payment of tax
d. file paperwork