Once you have chosen your property, your Real Estate Agent will help you and the seller draw up an agreed contract.
A deposit of about 10% is paid at this point which binds you to the contract unless certain conditions in the contract are not met, for instance, if the title check for survey highlights faults.
A settlement company is then appointed to complete the transaction and the balance of monies due is paid and the vendor and purchaser sign the final documents.
The transfer of ownership of the property is registered with the Local Authority.
Consider giving Power of Attorney to a US Lawyer to act on your behalf, as your new property is a long way from home!
Also consider using an American Notary in the UK to act on your behalf. |