Step 9: Closing
This page contains a detailed description of Step 9 of the 12-step property sale process
Both sets of solicitors will now work towards closing. The closing of the sale has several parts, these include:
Requesting the loan cheque from the lender, so that it is available for the closing date.
Preparing the solicitor’s bill and requesting and receiving from the buyer any balance purchase monies needed, in addition to the loan, together with the solicitor’s costs, stamp duty and registration fees.
Arrange with the seller’s solicitor as to the exchange of closing documents.
Prior to closing the buyer's solicitor will request all original title deeds and additional documents are sent for inspection. They will ensure that all documents needed to transfer ownership is in their possession before completion.
Closing documents include all original documents listed in the contract together with any extra documents requested.
As the client, you should ensure you have transferred all closing funds together with solicitors costs and outlays and stamp duty to your solicitor prior to closing. Furthermore, you should ensure you have complied with all mortgage pre-conditions including direct debit mandates etc.
Before closing, the buyer’s solicitor will carry out the final searches on title. The searches are required on each sale and both solicitors schedule these for the day of closing or as close as possible.
The buyer's solicitor will engage a legal search company to ensure these searches are carried out satisfactorily. These searches are then sent to the seller's solicitor for an explanation.