The Final Stages
It’s time to sign the contracts! This stage can get very exciting, but the work isn’t over yet. At this point, everything should’ve been ironed out and agreed.
Once the contracts are signed, it can become difficult to withdraw without suffering large penalties. Both entities’ solicitors should have read through the contracts and been exchanged, at this point is when the contract becomes legally binding.
Completing the final stage can take anywhere between the same day and a month. Depending on if you’re getting a mortgage or paying in cash. Before signing the contract make sure the following has been negotiated and completed.
- What fixtures and fittings are included?
- Formal offer in writing
- Solicitors have conducted the necessary research
- Deposit is ready to be paid
- The date of the switch has been agreed by both buyer and seller (in writing).
It’s important to read the contract thoroughly to understand your responsibilities.
The last step
- Visit the property again – ensure everything is as described
- Get a copy of the deeds
- Arrange a time for your estate agent to pick up your new keys.