compare cheap conveyancing quotes for old whittington property
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Conveyancing Quotation - For the sale of your property
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What happens during the ‘Exchange of Contracts’ ?
Exchange of contracts (EoC) is the point of the legal process where a binding obligation on both parties is created - for the Seller to sell and the Buyer to buy the property.
At any time up until the EoC point, either party could withdraw from the process without any penalty other than monies they have spent on surveys, mortgage application fees and similar costs....
At EoC stage a completion date is normally mutually agreed when the transfer can and will be finalised.
On the day of completion the monies are transferred between the parties and, the keys to the purchased property are handed over to the buyer.
Who does the Conveyancing?
Under UK law, property conveyancing must be done by either a property solicitor or licensed conveyancer.
One solicitor cannot act for both parties, as this could cause a conflict of interest. The buyer and seller must therefore have their own separate legal representation.