Hi Folks,
I have a few questions about the mortgage process which someone may be able to help me with.
- When paying the deposit to your solicitor, who do you make the bank draft or cheque out to? Is it your solicitor (so he can lodge it and make an electronic transfer to the sellers solicitor) or the sellers solicitor or even the sellers themselves?
- I believe that when you "sign contracts" the sale is then legally binding. However as far as I can see, it is initially only legally binding for the purchaser as the purchasers signs two copies of the contract and these copies are then forwarded to the seller for signing. If this forwarding process takes a week, then I presume the seller could theoretically back out of the sale within that week with no implications but if the purchaser backs out then they can obviously lose their deposit. Is this interpretation correct?
Thanks.
I have a few questions about the mortgage process which someone may be able to help me with.
- When paying the deposit to your solicitor, who do you make the bank draft or cheque out to? Is it your solicitor (so he can lodge it and make an electronic transfer to the sellers solicitor) or the sellers solicitor or even the sellers themselves?
- I believe that when you "sign contracts" the sale is then legally binding. However as far as I can see, it is initially only legally binding for the purchaser as the purchasers signs two copies of the contract and these copies are then forwarded to the seller for signing. If this forwarding process takes a week, then I presume the seller could theoretically back out of the sale within that week with no implications but if the purchaser backs out then they can obviously lose their deposit. Is this interpretation correct?
Thanks.