The Contracts
After your offer is accepted, contracts will be drawn up between yourself and the seller, including details such as moving in dates, purchase price, and details of any possible penalties. This section explains these contracts further.

Conclusion of Missives
If your offer is successful, your conveyancer will ensure Conclusion of Missives takes place. This means that the seller and the buyers conveyancer exchange letters and faxes, confirming details such as purchase price, date of entry, any fixtures and fittings and any technical conditions. Once all parties agree on everything, the missives are concluded and are legally bind.

Once the missives have been concluded, you are also legally responsible for the structure of the property. Your lender will insist that you take out appropriate buildings insurance, and even if not, you should ensure that you have it in place.

Important
Once the missives have been concluded, neither party can now back out without incurring a financial penalty, and also usually any other costs incurred by the seller.

 

Main | Found a Property | Back To Top