After Settlement

Your CPC will prepare and send to the client a statement setting out the calculation of the amount paid at settlement and where all the proceeds went to or came from.

Registration of the change of owners will take place at the office of Land & Property Information and any discharge of mortgage and new mortgage registered at the same time. Any incoming mortgagee will retain the title deed until the loan is repaid.

The Estate Agent was paid the deposit on exchange of contracts which is to be held in trust pending settlement and following settlement he will be authorised by both the seller’s and the purchaser’s conveyancers to release the deposit to the seller.

The agent will then account to the seller for the deposit held less his commission.