The Buying & Selling Process (in England)
[Buyer/Seller]
- Buyer seeks financial advice and determines budget
- Seller (referred to as the vendor) obtains valuations from estate agents
- Vendor appoints an estate agent
- Home Information Pack (HIP) provider compiles the HIP
- Property marketed - details on to the internet, agent's board displayed outside the property, press advertising etc.
- Estate agent arranges viewings for potential buyers
- Buyer makes an offer
- Negotiation on the offer may take place
- Vendor accepts the offer
- Vendor appoints solicitor
- Buyer organises finance (which may require a building society survey)
- Buyer appoints a solicitor
- Buyer may choose to commission a full structural survey
- Draft contract supplied by vendor's solicitor to the buyer's solicitor
- Vendor required to complete a questionnaire regarding the property
- Vendor and buyer agree a completion date i.e. a date when the sale will be completed and full ownership will pass to the buyer
- Vendor and buyer exchange contracts and the buyer places a deposit on the property
- Completion takes place balance of sale price is transferred between solicitors and the buyer takes possession of the property
- The vendor pays the estate agent via his/her solicitor
- The buyer pays the Inland Revenue via his/her solicitor if applicable
Please note that this information is intended as a guide - it is not an exhaustive list.
