Selling a property normally falls into two distinct parts
The initial & ongoing marketing including the advertising, accompanied viewings and final sale price agreement is of course undertaken solely by the estate agent, on behalf of the seller(s). When a purchaser has been found & an acceptable price has been negotiated and agreed between the parties, this stage in the process of the sale transaction becomes known as a Sale Subject to Contract. Estate agents are not permitted to take a deposit it from either party at this stage.
Upon agreeing the Sale 'Subject to Contract' an agent will issue a memorandum of sale to The Seller(s), The purchaser(s), The Seller(s) solicitor or conveyancer & The Purchaser(s) solicitor or conveyancer_ This Memorandum will detail the property being sold/purchased, the price that has been agreed, any items which are to be included in the sale, the timescales that have been agreed, if any, and whether the sale is subject to anything further i.e. mortgage finance or the sale of another property, etc. Once the Memorandum of sale has been received by both the acting solicitors or conveyancers they will then accept the main responsibility to undertake all the legal formalities to conclude the transaction. The estate agent will of course continue to take an active part in this process & will liaise with all parties during the conveyancing process & be on hand to assist throughout.
Whilst the explanation sound very simple it can in practice be fraught with difficulties & annoying frustration This is why it is imperative take advice from your Estate Agent as to the choice of solicitor or conveyancer, to be used. Your legal advisor should not be selected on price alone or on the fact that they acted for you on another matter some time ago Property conveyance is a specialist field which should only be undertaken by suitably qualified & experienced practioners. Too many seller(s) and buyer(s) come to realise that they have made a poor choice, once it becomes impractical or too late to change!
Please don't be caught out
Ask David Evans Estate Agents to recommend the services of a solicitor or conveyancer that you can rely on' We are always pleased to obtain for you a precise & without obligation quote for your conveyancing.