The next step is to “exchange” contracts. This is the point at which both you and the seller are legally obligated to complete the transaction. The team at Strictly Conveyancing will advise you on the correct method of contract exchange.
They will guide you through the legal process from start to finish, letting you know what you need to do and when it needs to be done. If you are entitled to a ‘cooling-off period, it is imperative that all inquiries, searches, negotiations, and unconditional loan approval are obtained prior to the expiration of the ‘cooling-off period’. This is arguably the most important time in the conveyancing transaction.
Once the ‘cooling-off period has expired, you are legally bound to complete the transaction and settle in accordance with the contract for sale.
By this time, you should have your loan approval, your inspections should return satisfactorily and your contract negotiated in accordance with your instructions.