Freehold Title
The
process for buying any freehold property is as follows:
1.
Secure property and agree price.
2. Contract drawn up by solicitor, setting down the
terms of sale, i.e. price, timescale,
vendor, purchaser and any special conditions.
3. Vendor and purchaser sign.
4. Purchaser provides 10% deposit.
5. Solicitor applies for a Purchase Permit from the
Council of Ministers, (takes 3 to 6 months).
6. As soon as purchase permit is received, remaining
balance due from purchaser.
7. Purchaser pays balance and vendor signs title
deed into name of purchaser.
8. Sale completed.
The
costs involved are as follows:
Solicitors cost, including; drawing up of contract, power
of attorney, purchase permit application and seeing sale
through to completion = £1,000
Click
here to learn the process for buying a leasehold property.
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