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Post by SteveC on Jun 18, 2004 0:54:51 GMT 1
Can anybody explain to me the steps in buying a property from the legal point of view?
The vendors agent is suggesting that we pay a "binder", but I don't want to pay anything before contracts have been signed.
I would appreciate as much detail as possible. I have been talking with a lawyer and have paid an advance for his fee of 1000e, but I can't seem to get much sense from him.
As far as I can understand the lawyer is also suggesting payment of a binder, with the following procedure:
1. Agree wording of contract 2. Pay binder - direct to agent 3. Pay remainder - direct to vendor 4. Grant power of attorney (apostilled - how?) 5. My lawyer and vendor sign contract 6. Lawyer registers property
which seems completely wrong to me.
From reading on the web and my common sense, I would have thought the correct procedure would be something like:
1. Agree wording of contract, ensuring that contract states how, when and where payments are to be made 2. Grant power of attorney 3. My lawyer and vendor sign contract at court. 4. Court stamps to verify that signatures and identities are valid 5. Tax due assessed and paid at council 6. Council verifies that utilities have been paid 7. Property is registered in my name 8. Payment is made
I think that we will have to get another lawyer, and I want to be prepared next time, so I would be very grateful for any enlightenment.
Steve
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