This article looks at the processes involved in house purchase and the roles of the professionals involved, including estate agents, solicitors, and conveyancers.
It also covers the nature and contents of two important documents: the mortgage offer, the mortgage deed. If you want to buy or sell a property in Rosanna then you can pop over to this website.
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Role of the estate agent.
Brings the property to market, either privately or at auction; Acts as the vendor's agent, but can provide advice to both parties in areas where there is no conflict of interest; Receives offers and advises the vendor on whether or not to accept them. Usually paid on a commission basis (typically 1.5-3%), although maybe paid less if it is alone agency.
Auctioneering, property listings, property management and rental services arranging mortgages or insurance, and survey and valuation services are some of the other services provided by estate agents.
Property Misdescriptions Act.
Estate agents are responsible for ensuring that advertisements and property particulars are not exaggerated or misleading: descriptions must be accurate; the overall description must give a reasonable view of the property; specific problems, however, do not have to be mentioned; mention of special facilities can be made but should be qualified unless the agent has seen documentation, and mention of special facilities can be made but should be qualified unless the agent has seen documentation.
Investigation of title.
To determine whether the property is being sold by the legal owner who has the authority to sell it as it seems to be, free of any restrictions that would obstruct the sale. It is feasible to obtain insurance to safeguard lenders from title defects.
Land registry or land charges registry searches are two types of registry searches. Registrar of local land charges. The parcels index determines whether or not a piece of land has already been registered.
Companies are required to register. Search for bankruptcies. Commons registration is a process that determines whether or not a piece of land is owned by the public.
Home information packs.
Measures were taken by the government to streamline and simplify the home-buying process. Before the sales process begins, the seller must prepare a home information pack that includes title documents, responses to standard preliminary inquiries and searches, copies of building regulations/planning approval, a draught contract, and a home condition report based on a professional survey, including an energy evaluator.