|
Procedures
of Property Buying and Selling
BUYER
|
|
SELLER |
Assign estate agent to look
for property |
|
Assign estate agent
to
sell property |
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|
-
|
Sign estate agency agreement |
|
Sign an estate agency agreement |
-
|
|
-
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Property viewing and decision
of purchase |
|
-
|
|
Negotiate
the purchase price and transaction terms |
|
Sign
the provisional agreement for
sale and purchase |
|
Pay
and collect initial deposit (usually 1% to 5% of purchase price, depending on individual
cases and market situations) |
|
|
|
(Buyer's Lawyer) |
|
 (Seller's
Lawyer)
|
Verify property information
with Land Registry |
|
Verify property information
with Land Registry |
-
|
|
-
|
Approve the Formal Agreement for
Sale and Purchase |
|
Draft Formal Agreement for
Sale and Purchase |
-
|
|
-
|
|
Obtain title deeds from Bank/ Seller |
|
-
|
| About 14 days - - - - |
Sign Formal Agreement for Sale and Purchase |
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ddd |
|
c c c
|
Pay further deposit
(including initial deposit usually totally 10% of purchase price) |
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|
-
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|
-
|
Pay Stamp Duty
|
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|
-
|
|
-
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Register Formal Agreement with
Land Registry |
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|
-
|
|
-
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Investigate property title
(check for encumbrance) |
|
Send title deeds to Buyer's
Lawyer |
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|
|
-
|
Draft Deed of Assignment |
|
Approve Deed of Assignment |
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|
|
-
|
Inspect the property |
|
Clear Outstanding Outgoings |
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|
|
-
|
Mortgage Application (if needed) |
|
Arrange for Deed of Release for Mortgage (if needed) |
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|
|
-
|
Sign Deed of Mortgage (if needed) and Approved Deed of Assignment |
|
Give Keys to Buyer |
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|
|
-
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Pay balance of purchase price |
|
Send counter-signed Deed of Assignment and signed Deed of Release for
Mortgage (if needed) to Buyer's Lawyer |
-
|
|
-
|
Obtain title deeds and keys
Stamp
Deed of Assignment
Register
Deed of Release for Mortgage (if needed), Deed of Assignment, & Deed of Mortgage (if
needed) with Land Registry |
|
|
-
|
|
-
|
|
-
|
Title deeds kept by Buyer or Bank (if mortgage loan is applied) |
|
|
|
|
|
-
|
| About 1
month - - - - |
Transaction Complete
|
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