They include the seller, buyer, conveyancing solicitor, estate agent, and mortgage lender. So, even if you take the mortgage lender out of the equation, you still have several steps to work through in order to buy your chosen property. Your solicitor is there to help. If you're thinking about working with a cash buyer, you should weigh up whether the quick sale is worth walking away with less money. Throughout the whole conveyancing transaction, your solicitor will explain the procedure and offer you expert advice - below our property lawyers in Glasgow provide a guide through the main steps involved in purchasing property in Scotland. Compare Conveyancers quotes, accurate costs in an instant with us. With property fraud on the increase, you will need to prove your identity and that you are genuinely a cash buyer before you can buy a house. A solicitor cannot legally proceed with the sale of a property without sufficient proof of where the money has come from so you need to ensure you are in a position to provide this proof as soon as your offer has been accepted. Sellers often require proof of funds from a home buyer—whether the buyer is obtaining a mortgage or is a cash buyer. I thought a cash buyer was someone who literally had the cash in their bank account, ready to go, no need to sell anything or get a mortgage approved. Wed 9 May 2012 04.17 EDT. While this is great news, there are certain checks, which your estate agent and conveyancing solicitor will need to make before your offer can be accepted and the sale proceed. If you can afford to buy a property outright, without a mortgage, then you are classed as a cash buyer. Buying with cash does not always speed this process up. Evidence of funds for cash buyers. The purpose of a survey Most people think that a lenders standard valuation of a property is sufficient but it … A buyer's word is not enough. When you decide to use a solicitor, he or she will send you terms of business. A copy of the letter you received from a solicitor or court confirming your compensation settlement. The estate agent insists that they are cash buyers, because when they sell their property, they'll have the cash not a mortgage to buy the house. A preapproval letter isn't always enough. So, even if you are a cash buyer, if you want to remortgage in the future, you will need a survey carried out as part of the requirements of the lender. Most sellers want to see evidence that the buyer actually has the funds for a down payment and/or closing costs before agreeing to sell to that buyer. The Solicitor must act for you and should not be associated with the Seller. This is true whether you're taking out a mortgage or purchasing the home with cash. 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