Conveyancing Landlord and Tenants Lawyer Cork
When it's time to close the home, you, as the seller, are responsible for some legal documents and processes.
Complete repairs and obtain certifications: If you are obligated to complete repairs as a condition of your post-inspection negotiations, it is your responsibility to complete those tasks before closing. Additionally, if the buyers asked for (and you agreed to) any specific inspections or certifications, like a sewer line inspection or roof condition certification, those should also be completed.
Submit property disclosures: In most states, as a seller, you’re required to disclose any known defects or issues that could affect the value or safety of the home — this is known as a property disclosure. These must be documented in writing before closing, and the specific rules and procedures vary based on where you live.
Review expected closing costs: Selling a house can be expensive, so review your estimated closing costs before the closing day to prepare for the charges you’ll see. Closing costs for sellers can be as high as 7 to 9 per cent of the home's sale price, and that amount is made up of your agent’s commission, the buyer’s agent’s commission (typically paid by the seller), and taxes and fees. But, assuming you have some equity in the home you’re selling, these costs will come directly from the profits you’ll receive upon closing.
Sign documents: One of the very last steps is showing up for your closing appointment, where you’ll sign all the legal documents related to the sale of your property. Depending on the state you live in, you may sign during the same appointment as your buyer, or you may do it separately.
Handover keys: The keys are handed over to the buyer once you vacate the premises as dictated in your contract with the buyer. If the buyer takes immediate possession, you might hand over the keys at the closing appointment. Or, depending on the terms of your agreement, it could be much later.
Close the transaction: At closing, the settlement agent (either the closing attorney or escrow company hired at the outset of the transaction) will record the new deed for the home with the county, pay off your remaining mortgage balance, pay all closing costs and make sure you receive your profit.
Conveyancing transactions can be particularly complicated and time-consuming, especially for first-time buyers. However, we believe that buying a home for the first time should be an exciting and stress-free experience for all involved. This is why our team offers the best straightforward, friendly service and will guide you through the entire process to ensure your transaction goes through as smoothly and quickly as possible. We hope that these frequently asked questions that first-time buyers are so often seeking the answers to will provide you with the basics needed to put you at ease throughout the transaction.
A Conveyancer should be instructed on acceptance of the Buyers offer. The Buyer arranges a property survey and makes an application for a mortgage (if required). The Buyer's Conveyancer confirms instructions by letter, setting out the business terms of conduct and fixed fee costs. They will contact the seller's Conveyancer to obtain the contract pack.
Once received, they will raise pre-contract enquiries and the necessary searches and obtain a copy of the mortgage offer. The Sellers's Conveyancer and seller answer pre-contract enquiries and return these to the buyer's Conveyancer, who will then review and reports to the buyer on the contents of the contract pack, pre-contract enquiries, the result of the searches and mortgage offer.
The buyer then considers this report and raises questions on anything unclear. When the buyer is happy to proceed, arrangements are made for the deposit to be paid to the buyer's Conveyancer in readiness to exchange contracts. The Seller and buyer agree on a completion date, and contracts are formally "exchanged", - meaning both parties are legally committed to the transaction.
The Buyer's Conveyancer prepares a draft transfer deed and completion information form and sends these to the seller's Conveyancer for completion. The Seller's solicitor approves the draft transfer deed, and a final copy is made. This may need to be signed by the buyer before being sent to the seller's solicitor for signature by the seller in readiness for completion.
The Buyer's Conveyancer prepares a completion statement, carries out pre-completion searches and applies to the buyer's mortgage lender for the mortgage loan. Upon completion, the buyer vacates the property by the agreed time, and the buyer's Conveyancer sends the sale proceeds to the seller's Conveyancer. Upon completion, the buyer leaves the property by the arranged time, and the buyer's Conveyancer sends the sale proceeds. The seller's Conveyancer releases the keys to the estate agent (if one was used) and sends the title deeds and transfer deed to the buyer's Conveyancer together with an undertaking to repay any existing mortgage.
The Buyer's Conveyancer sends the stamp duty payable to HMRC and receives the title deeds, transfer deed and proof that the seller has paid the outstanding mortgage on the property. They also register the property in the buyer's name at The Land Registry. The buyer receives a copy of the registered title from The Land Registry. The Buyer's solicitor sends any documents required by the mortgage lender to be retained by them.
All clients must supply their ID and proof of address, usually a utility bill or bank statement dated within the last three months. If the clients are selling the property unregistered, they must provide us with authority to obtain the title deeds to the property and any other relevant documentation. Sellers will be given forms to complete depending on their answers. The record indicates the additional documentation required. If the clients are purchasing a property, they will need to provide evidence to demonstrate their source of funds; we detail the acceptable documents once we know where the funds are coming from. Additional paperwork may be required, and the Conveyancer will review this on a case-by-case basis.
The right solicitor will guide you through the process step-by-step and advise you on any potential issues that may arise and how these can be resolved.
To successfully transfer the title, buyers must ensure that the seller is the property owner and has the right to sell it. Securing a "good" title enables the buyer to acquire a mortgage or later sell the property. Buyers must also avoid other problems affecting the property's value; unexpected access rights by third parties, requirements for the upkeep of a fence, and the list go on.
Our office assists with this process by carrying out searches, investigating the legal title, liaising with the lender to obtain any mortgage funds required, repaying any existing mortgage, and registering ownership on completion.
Sellers must ensure that negotiations regarding the sale are subject to contract until they are satisfied with the buyer and the terms of the sale.
When people embark on a house move, many believe that if all parties are willing, it should take place relatively quickly and easily. Unfortunately, numerous stumbling blocks can delay the transaction, ranging from the buyer or vendor being slow to respond to information requests to conveyancing searches revealing potential issues. These tips should assist first-time buyers in ensuring that the conveyancing process runs smoothly:
Knowing how much you have available to borrow and arranging a mortgage means that once an offer has been accepted, you can get on with the legalities. Applying for a mortgage can bring many problems, so arranging this in advance can help. Our advice would be to decide how much you can afford to borrow, secure the agreement and then find the property.
It can be tempting to try going it alone if you're thinking of the money you could save. Still, a good estate agent will act as a go-between for buyer and seller, smoothing the waters when things get choppy, advising on unforeseen problems, and helping ensure a smooth transaction.
The quicker you can respond to requests for information, the quicker your agent and solicitor will be able to move on to the next stage of the process. It is also essential to complete forms as carefully and accurately as possible to avoid mistakes that will use the valuable time being identified and rectified.
There are a lot of elements to pull together in the house-buying process, and it can be easy to lose track of where you're up to. It's essential to know how each stage progresses and stay on top of what can be a long and confusing process. If one element seems to be slowing things down, find out why and whether there's anything you could be doing to speed things up.
There are bound to be times during the move when you'll feel like there are constant demands for your cash. Be prepared that there will be lots of fees to pay - so you'll need to have money available.
The biggest tip we can give a first-time buyer is to instruct a Conveyancer they trust. As a first-time buyer, it is all new and potentially daunting, but the right Conveyancer will take the time to guide them through each process step. It is not necessary that they know and understands everything straight away, but they can feel secure knowing that the right Conveyancer will take the lead. Your Conveyancer is also crucial in speeding up the process – but a good one will flag up potential problems and deal with them quickly too. Maintaining the mantra that first homebuyers should enjoy buying their first home as much as possible, our Conveyancers will deal with your case personally, taking responsibility and keeping you updated throughout every process.
Green & Associates Solicitors
12 South Mall Cork
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