Settlement of the Buy

Closing the Deal
The closing process, known as settlement, is nowadays increasingly computerised and automated. Usually the solicitor for the buyer and the solicitor for the seller get together and exchange documentation and pass over the necessary money.

In most cases the buyers and sellers won't need to attend, as the lawyers attend to the necessary details. In practice, closing the deal brings together the two parties who are part of the transaction process and most of the conditions and terms that were set down, as part of the offer would have at this stage been completed to the satisfaction of both parties.

The lawyers will attend to any final rates, insurance, or other costs, still unpaid on the premises and will pay from the funds before the final passing over of the money. The lawyers will also take out money for payment of estate agent's fees (in fact, the estate agent will have retained the first deposit, so they will take their fees from this and pass over the balance to the lawyers), plus their own fees and any other costs involved in the sale and purchase procedure.


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