On your home buying journey, a solicitor is hired to do the conveyancing – this is the legal work involved in buying or selling property. Find out more about the role of a solicitor during this process below.
Understanding and Explaining Terminology
When it comes to purchasing a property, the experience can be daunting and overwhelming. Your solicitor will be there to help you to understand and to explain the terminology that is used at every stage of the house buying process.
Pre-Contract Queries
Pre-contract queries occur before exchange of contracts. Your solicitor will investigate and raise any necessary enquiries at this stage. Examples of enquires include: issues relating to building regulations, planning and environment searches, rights of way, electrical works and services. Your solicitor will advise you to proceed and sign contracts only when the vendor’s replies to the pre-contract enquires are deemed to be satisfactory.
Draw Up Contracts For Sale
Once the terms of the contracts have been fully agreed to and the title to the property has been thoroughly investigated, your solicitor will advise you to proceed. Your solicitor will return the signed contracts to the vendor’s solicitors. When the vendor signs the contracts and returns, a binding agreement comes into force. Both parties are now bound to complete the sale at this point.
Searches
Your solicitor will carry out property searches on your behalf. These are designed to check for any issues which may affect the sale. Some will need to be made before the contracts are finalised – these are the planning search, the licensing search (if the property is a pub or hotel), and the compulsory purchase order search. Others are made on the day of closing – these are the land registry search, the company search, the judgement search, bankruptcy search, sheriff and revenue sheriff searches, and the registry of deeds searches.
Completing the Purchase
Completion takes place when funds are transferred to the seller of your new property, and you receive the keys. Your solicitor will handle the payment of Stamp Duty, and ensure that your purchase is correctly recorded with the Land Registry.
Congratulations – at this step you are now officially a home owner!
Looking for advice or searching for a solicitor? Our property experts can recommend a number of conveyancing solicitors across Cork.
Get in touch today:
Tel: 021 490 5000
Email: info@eracork.ie