Conveyancing Practice and Procedure
  • The vendor puts his property up for sale in the market through estate agents;

  • The purchaser inspects the property through an estate agent;

  • If the purchaser considers the property to be satisfactory and if he requires a mortgage, he will himself, or through estate agent or solicitor, requests an oral valuation of the property by banks and enquire the basic terms of the mortgage (e.g. interest rate and tenor);

  • The vendor and the purchaser enter into oral agreements as to the basic terms for the sale and purchase of the property through the estate agent, e.g. the price and the completion date;

  • The vendor and the purchaser sign a Provisional Agreement for sale and purchase ("the Provisional Agreement") prepared by the estate agent. The purchaser pays the vendor an initial deposit (which is usually 3-5% of the price);

  • The parties appoint their respective solicitors;

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