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From Accepted Offer to Sold: Understanding the Legalities for Sellers
Congratulations! You've accepted an offer on your property. While this is undoubtedly an exciting milestone, it's important to understand that this is merely the first step in a legally complex process. In Scotland, an accepted offer is not legally binding until missives are signed. This period between offer acceptance and completion is often referred to as the 'conveyancing process', and it involves several critical legal stages.
The Conveyancing Process Begins for Sellers:
Once an offer is accepted, both you (the seller) and the buyer will instruct your respective solicitors or conveyancers. These legal professionals will handle all the necessary paperwork, searches, and legal checks to ensure a smooth and secure transfer of ownership. For you, the seller, this typically involves:
- Solicitor's Instruction: Appointing a solicitor to act on your behalf.
- Preparing the Draft Contract: Your solicitor will prepare the initial draft contract for the sale.
- Providing Property Information: You will need to complete and provide essential property information forms.
- Title Deeds: Your solicitor will obtain and provide the title deeds to the buyer's solicitor.
- Answering Enquiries: Your solicitor will respond to enquiries raised by the buyer's solicitor based on the property information provided and the results of their searches. This is to clarify any potential issues or concerns about the property.
It's crucial to provide accurate and comprehensive information to avoid delays later in the process.
Singing of missives: The Binding Moment
The singing of missives is the pivotal moment when the sale becomes legally binding for both parties. Before this can happen, several conditions must be met:
- All searches conducted by the buyer's solicitor must be satisfactory.
- All enquiries raised by the buyer's solicitor must be answered to their satisfaction.
- The buyer must have a formal mortgage offer in place (if applicable).
- Both parties must agree on a completion date.
Once missives are signed, neither party can pull out of the sale without incurring significant financial penalties. If you, as the seller, withdraw, you could be sued for breach of contract. If the buyer withdraws, they risk losing their deposit, which you would then be entitled to.
Between Exchange and Completion
The period between exchange and completion can vary, from a few days to several weeks, depending on what has been agreed. During this time:
- Seller's Solicitor: Will ensure all outstanding charges on the property (like your existing mortgage) are ready to be discharged upon completion. They will also prepare the Transfer Deed for your signature.
- Removals: You will finalise your moving arrangements.
- Utilities: You should arrange for final meter readings and inform utility companies of your move.
- Insurance: While the buyer is usually advised to insure the property from the date of exchange, you should ensure your own contents insurance remains valid until you have fully vacated.
Completion: The Final Handover
Completion is the day you officially hand over ownership of the property. On this day:
- The balance of the purchase price is transferred from the buyer's solicitor to your solicitor.
- Once your solicitor confirms receipt of all funds, they will authorise the estate agent to release the keys to the buyer.
- Your solicitor will then pay off any outstanding mortgage on the property and transfer the net proceeds of the sale to you.
- The buyer's solicitor will register the new ownership with the Land Registry and pay any Stamp Duty Land Tax (SDLT) on behalf of the buyer.
Understanding these legal stages is crucial for any seller. While your estate agent will guide you through the initial stages, your solicitor is your key ally in navigating the legal complexities, ensuring a secure and successful sale.
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