BUYING A HOUSE: YOU’VE JUST GONE SALE AGREED…..WHAT NEXT?

 

BUYING A HOUSE: YOU’VE JUST GONE SALE AGREED…..WHAT NEXT?

 

Your offer you have made on a house has been accepted, what next?

Before the property is legally yours there are still several steps to go through in your property transaction.

  1. Get the Sales Agent to take the property of the Market
  2. Find a Conveyancing Solicitor
  3. Complete your Mortgage Application
  4. Retain a surveyor
  5. Exchange Contracts and pay deposit
  6. Agree Completion Date
  7. Complete
  8. Pick up keys
  9. Move In!
  1. Get the Estate Agent to take it off the market

Although this is something that many Estate Agents will do once an offer has been accepted, it is worth asking to make sure that the house is taken off the market as soon as possible. Doing this reduces the possibility of another home buyer visiting the property and making a higher offer.

If the property is not taken off the market then you may risk being gazumped which is when another buyer offers more money for the house and your seller decides that they want to go with the new higher offer instead of your original agreement. Having the property taken off the Market will reduce the chances of this happening as no new buyers will be able to see the property.

  1. Appoint a Conveyancing Solicitor

It is your Conveyancing Solicitor that will complete the legal aspects of your move, therefore it is important that you appoint a an experienced Conveyancing Solicitor.

  1. Complete Mortgage Application

For the majority of home buyers, a mortgage will be needed to fund the house purchase. Once your offer has been accepted you will need to fill in a mortgage application form and provide your lender with the necessary documentation.

4.    Organise an independent survey

Your Mortgage Lender will arrange to have a Valuation of the property so they know how much the property is worth, this will affect how much they are willing to lend you for the property.  The do not, however, arrange a Property Surveyor.

The importance of this Survey cannot be overstated.

  1. Exchange Contracts and pay deposit

Once your mortgage has been approved and your Survey is satisfactory your Conveyancing Solicitor will now be able to exchange contracts which legally commits you to the purchase of the property. You will be asked to pay the deposit, which is usually 10% of the property’s value.   You may already have paid part by way of a Booking Deposit to the Sales Agent.

At this stage of the transaction you can no longer pull out without losing your deposit and further costs that were incurred.

  1. Confirm completion date.

The contracts have been exchanged and the deposit has been paid, you can now agree a completion date.

On the day of completion the Vendors will have to vacate the property, so once you have this date you will be able to organise a day for you to move into the property.

  1. Completion

At the stage of completion the mortgage lender releases the funds for the cost of the property , this is paid over to the Vendor’s Solicitor by your Conveyancing Solicitor and ownership of the house is transferred from the Vendor to you.

The house is now legally yours.

8.    Pick up keys

Following completion, you can now pick up the keys to your new home from the Vendor’s Estate Agent.

  1. Move in!

Contact: Nicholas Russell Solicitor

Main Street, Graignamanagh, County Kilkenny

Tel: 059 9724106

Email: nicholas@oshearussell.ie

www.oshearussell.ie

 

FOR FREE HOMEBUYERS CHECKLIST VISIT OUR HOMEPAGE www.oshearussell.ie

 

 

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