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Buyer’s checklist prior to property buy completion

Buyers checklist prior to property buy completion

The following are the issues to be checked by a buyer’s conveyancing solicitor:

1)      Make sure that the transfer deed has been approved and all requisitions are to his satisfaction.

2)      Engross all transfer and mortgage deeds.

3)      Arrange with his client for execution of mortgage and transfer deeds and the plan.

4)      Arrange for these deeds to be sent to the seller to be executed from his end.

5)      Arrange for pre-completion searches and make sure that all results are satisfactory.

6)      Send a report to the lender and request for the mortgage amount to be disbursed on time.

7)      Receive completion statements and last receipts wherever considered necessary .

8)      Remind client to make arrangement for completion.

9)      Prepare undertakings wherever required to be provided by the buyer and ensure that the buyer has approved the wordings for the same.

10)  Check with the lender to make final arrangements for completion.

11)  Make sure that any life policy required by the lender is obtained and check if all insurances required for the property are in place.

12)  Make sure that files regarding outstanding queries have been dealt with.

13)  Statement of accounts to be submitted to the client is prepared for submission. This statement should be sent along with a copy of the completion statement requesting the balance amount from the client to be paid in sufficient time before completion.

14)  Check that the mortgage advance is received from the lender and the balance of funds is received from the buyer. The same should be paid in the client’s account for the funds to be cleared on completion.

15)  Make arrangements for a final inspection of the property by the lender’s valuer (if considered necessary).

16)  Make a final list of issues to be dealt with on actual completion.

17)  Make sure that all arrangements for the vacant possession and handing over of keys are made.

18)  Make preparation to instruct the seller’s conveyancer to act as his agent on completion if it is not to be made by personal attendance.

19)  Make arrangements with the seller’s conveyancing solicitor to fix a time and place for completion.

20)  Make sure that estate agents are aware of the completion arrangements.

21)  Make sure that arrangements have been made for the completion money to be sent to the seller’s conveyancing solicitor.

Make sure that all relevant SDLT forms are completed and signed.

Photo courtesy: ilovebutter

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