Buyers

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One of the most important things you can do is to make a checklist as you search for, find and buy a home. By keeping on top of your game-plan at all times you will greatly increase your chances of success. Bookmark this page and refer to the following checklist frequently. Follow the links, print out this checklist and let it increase your house buying effectiveness Download the checklist here >

THE ESTATE AGENT'S ROLE

While the estate agent is employed by the owners to sell their property the efficient agent will make a major effort to assist the purchaser in every way possible particularly when buying their first house.

As we are not a party in the contract. we are in the best possible position to advise and over see all areas of the transaction and exert pressure upon building societies and solicitors to ensure that all the necessary paperwork is moving speedily and smoothly.

Property Particulars

Estate agents detail sheets give the particulars of the properties registered with them for sale They are set out to give a fair and reasonable description of the property, but they are not based upon and accurate survey the main purpose of the particulars is o give the prospective buyer an accurate impression so that a decision to view

Solicitors & Legal Advisors

A solicitor is a legal advisor represetlting either the seller or the buyer. It is Technically possible but unlikely that one solicitor would represent both parties. The solicitor draws up the legal documentation and looks into all aspects of the proposed agreement on behalf of his client. After exchange of contracts the buyer's solicitor will prepare a detailed questionnaire for the sellers solicitor to ensure compliance by the seller with the contract terms. The buyer and sellers solicitors will also agree and prepare the type and form of legal documents to be signed and handed over after completion the sellers solicitors will discharge all mortgages affecting the property and hand over deeds of release the buyers solicitor will arrange to pay the stamp duties and register the title document

Contract

The contract sets out the terms and conditions agreed between the solicitor or legal advisors acting for the buyer and seller both sign identical copies of this contract when these are exchanged the deal is binding on both parties

Subject to contract

This simple expression means the offers and proposals about buying or selling property are made tentatively and are not at that stage intended to be firm commitments. If you pay a deposit or write any letters to you estate agent or solicitor it is a simple matter to include the phrase at an appropriate point in the correspondence and thus avoid inadvertently creating a binding agreement

Deposits

There are three stages in the buying process when a deposit may be called for. The first is when an agreement has been reached between buyer and seller and the sale is ‘subject to contract' a small returnable deposit lodged with the estate agent will act as a sign of good faith and although this is not legally binding on either side it does demonstrate serious intent

A second deposit will normally be required at the time of the exchange of contracts usually set at 10% of the purchase price however it may be agreed at a lower figure if for example the buyer is entering into a large mortgage

The third reference to a deposit is the difference between the purchase price and the amount of mortgages being undertaken. This will be your equity the stake that you are putting into the property in the form of cash.

Residential Tenancies Act 2004

The Residential Tenancies Act comes into effect from 1st September 2004. This is new Act, is designed to offer broader protection, when implemented. to both Landlords and Tenants. The Act provides for reform of residential and tenant law already in existence in the Private Residential Sector. The new gestation will govern the operation of residential tenancies in the future, and will be reflected in all leases and tenancy agreements. It is the belief of The Property Shop that theses reforms will greatly enhance the operation of agreements and enable us to play an increasingly vibrant role in Landlord and Tenant needs.

Copy of the Act in full, advice and information, is available from The Property Shop.