Once you have accepted the Offer on your Property, we will prepare and send out a Memorandum of sale to all parties concerned, setting out the agreed price together with any special conditions. A copy of which will go to both sets of solicitors acting for the Seller and the Buyer.
Once preliminary enquiries have taken place and the Buyers Solicitor is satisfied with the replies to Sellers Enquiries, and reply to searches and requisitions raised, then the Buyers Solicitor will report this back to the Buyers Lender [should a mortgage be required by the Purchaser], on a satisfactory reply, the Buyers Solicitors can agree a date to exchange contracts.
Exchange of contracts is a Legal Agreement that binds the Seller and the Buyer, and upon signing the Buyer will normally pay a deposit [usually 10% of the purchase price]; a Completion date will be set to a mutually agreeable date.
