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Buying a property: an overview (Law of contract (Agreement, Consideration,…
Buying a property: an overview
Law of contract
Agreement
Consideration
Offer and acceptance
Capacity
Intention
Bound by terms
Property Buying Process
Establishing a budget
Property price range
Deposit required
Costs (Valuation/Survey/SDLT)
Find a property
Estate agents
Interests vendor not buyer
Auctioneers
Newspaper property pages
Word of mouth
Make an offer
Gazumping
Accepts another buyers offer later on
Gazundering
Buyer reduces offer before exchange
Formal mortgage application
Offer of advance
Invitation to enter into agreement
FInal Offer binding on the lender
Offer letter
Applicant, property, loan
Warranties/Conditions
Special conditions
Exchange Contracts
Process
Offer subject to contract
Not legally bound
Contracts sign/exchanged
Legally bound
Buyer pays agreed deposit
Completion
28 days after completion
Conditional exchange
Sale/purchase of another property
Search results
'long-stop date'
Buying at auction
Process
Successful bid
Same day exchange
Same day 10% deposit
Completion 28 days