• What Paperwork Should A Solicitor Have In His/her Possession From The Seller Before He/she Release The Final Funds To Purchase The Property

    By Guest on 27th Jan 2017

    Concerned that funds have been transferred incorrectly

  • 1 Answers

    By Guest on 28/01/2017

    If the seller is represented by a solicitor then the solicitor for the purchaser will not normally be in possession of any of the seller's documents at the point he releases the money to the seller's solicitor, other than usually (but not always) the seller's part contract. What the purchaser's solicitor should have is an undertaking from the seller's solicitor to post the transfer deed and any other necessary documents on that day, to repay any mortgages and to send evidence that the mortgages have been discharged on receipt. This undertaking is legally binding on the seller's solicitor and he fails to comply the buyer's solicitor can claim on the seller's solicitor's professional indemnity insurance

  • Post Your Answer


  • Do you want to be informed of further comments / replies? Yes No

Ask a Question

Search