okay in this video i'm going to take a look at the steps the process the procedure
in buying a house this video is essentially for persons who are buying their first property and
don't know what to expect i get questions all the time from people buying the first
house and they might have gone sale agreed but they simply don't know what to expect going
forward or how the process is going to work or when they're supposed to pay over money and so on
so i'll try and make it as simple and as straightforward as possible firstly you've gone
sale agreed with the estate agent you have a deal so you pay a booking deposit to the estate agent
at that point you need to let the estate agent know the solicitor who's acting for you
and assuming that you are borrowing money from a lender from a bank getting a mortgage
you need to let the bank know who's acting for you as well who your solicitor is
what's going to happen then is the estate agent is going to contact the vendors
and let them know or let the vendor solicitor know who's acting for you so that the vendor
the vendor solicitor rather will draw up contracts and send them out to your solicitor
along with copy title documents at the same time you need to let the bank know who's acting for
you and the bank then when they issue the loan offer issued a loan pack the security
documents will send them to your solicitor so the next step then once your solicitor receives
the contracts the title documents he or she will review the contracts review the title that's
being offered raise pre-contract inquiries and obtain hopefully satisfactory replies once your
solicitor is happy with the title that's being offered and once satisfactory replies have been
obtained then your solicitor will invite you in to the office to sign the contracts
so you'll be signing to two contracts to purchase the property and you'll also be signing the loan
offer and the loan documents at the same time so for the sake of convenience your solicitor
rather than bringing you in twice is going to bring you in once and ask you to sign the
contracts and sign the loan documents when you sign the contracts you sign them in duplicates
and you pay a 10 deposit on the contract price so you take 10 of the contract price
you subtract from that whatever booking deposit you may have paid and that's what you must pay
then give to your solicitor who will in turn send it on to the vendor solicitor when he is returning
the contracts once you've sent on the contracts or your solicitor has sent under contracts to the
vendor solicitor the vendors solicitor will then get the vendor in who would sign the contracts
and they then the vendor solicitor will keep one contract and send one back to me your solicitor
and when one contract is signed by both parties and sent back to the purchaser at that stage then
there's a binding contract in place after that then we are working towards completion completion
of the transaction you're probably looking at normally three to four weeks what you need to
do is ensure that everything is in order for the bank that they've got life insurance in place home
insurance in place and any special conditions that they have imposed in their letter of offer
that they have been complied with once that's the case the bank will then be ready to release the
loan funds to your solicitor the other solicitor the vendor solicitor will prepare all the closing
documents and get ready for completion and three or four weeks later generally
the closing documents will be sent to your solicitor from the vendor solicitor your solicitor
will send all the closing money that's required to purchase the property to the vendor solicitor
and closing or completion of the transaction should take place at that point on that day
and at that stage then the vendor solicitor is allowed to use the money that you sent over or
that your solicitor has sent over and the vendors solicitor will authorize the release of the keys
to the property so you'll be able to pick up the keys from the estate agent
after that then you move into your house your solicitor will then have to register the change
of ownership by making an application to the property registration authority and will also have
to register the charge or mortgage on the property on the folio once that's completed
your solicitor will then let you know it's completed you will have been registered as
the owner and your solicitor then as part of his undertaking to the lender will send in all
the loan documents or all the title documents rather to the lender to the bank and that's it
you live in the house then hopefully and enjoy it the bank will have all the closing documents
uh all the title documents rather and we'll have the documents of title so that when you
go to sell then in the future your solicitor will have to obtain the title documents from
the bank but that's further down the line now you're going to live in the house and
hopefully enjoy it your solicitor has done his job the other solicitor has done the job
the change of ownership has been registered with the property registration authority
the mortgage or charge has been registered on the folio and that's it hope you find
this video useful if you do i would give or write appreciate if you gave it the thumbs
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you