A Step-by-Step Guide to Completing the Transaction Information Form with Homey
By Homey
•
6 Aug 2024
Navigate the complexities of the Transaction Information Form effortlessly with our detailed guide. Learn how to fill each section accurately, from property details to financial arrangements, using Homey’s streamlined digital platform. This article ensures a smooth and efficient transaction process, ideal for buyers, sellers, and real estate professionals seeking clarity and precision in property transactions
The Transaction Information Form is essential in property transactions, capturing detailed information about the property, parties involved, financial arrangements, and more. This guide will help you understand how to fill out this form efficiently using the Homey platform.
Understanding the Form’s Structure
The Transaction Information Form is divided into several sections, each requiring specific details:
Property Address: You’ll need to provide the postcode and building number/name.
Ownership Details: Indicate if the transaction is in a company name, the number of legal owners, and the type of tenancy arrangement.
Party Details: For each party involved, you’ll need to input roles, titles, names, contact details, and other personal information.
Estate Agent and Occupier Details: If applicable, include information about the estate agent and any additional occupants over the age of 18.
Mortgage and Financial Information: Details about any mortgages or financial advisors involved in the transaction.
Related Transactions: If there’s a related transaction, details about the solicitors and transaction specifics are required.
Bank Details: Depending on whether the account is UK-based or international, relevant bank details are needed.
Additional Details: Any extra information or specific queries related to the property or the transaction.
Property Address
This section captures the full postal address of the property involved in the transaction.
Postcode: Automatically filled via Homey’s address lookup when you enter the postcode.
Building Name/Number: Enter the building name or number; this can also be autofilled after the postcode is provided.
Ownership Details
Details about the ownership structure and type of tenancy, which are crucial for legal documentation.
Transaction in a Company Name: Choose ‘Yes’ or ‘No’ to indicate if the property is owned by a company.
Number of Legal Owners: Select from the options (1, 2, 3, 4) the number of owners.
Tenancy Arrangement: Choose the tenancy type, such as Joint Tenancy or Tenants in Common.
Parties Involved
Information regarding each party involved in the transaction, including their roles and contact details.
Client’s Role: Select the client’s role (e.g., Legal Owner, Trustee) from a dropdown menu.
Personal Details: Input each party’s title, first and last name, contact details, and additional information like occupation and national insurance number.
Estate Agent Details
Identify if an estate agent is involved and provide their details, facilitating communication.
Involvement of Estate Agent: Indicate ‘Yes’ or ‘No’.
Agent Details: If involved, provide the agent’s name, company, email, and phone number.
Occupiers Details
Details about other occupants of the property who are over the age of 18, important for legal and council records.
Occupiers Over Age 18: Note if other adult occupants live at the property.
Details of Occupiers: For each occupant, provide names, ages, and if applicable, add or remove occupiers dynamically.
Mortgage Broker and Lender
Information about any mortgages on the property, including lender details and mortgage amounts.
Mortgage Details: Indicate if there is a mortgage and provide lender details, mortgage amount, and contact info of the account manager.
Related Transactions
Information on any related transactions, which can impact the primary transaction’s processing.
Related Transaction: Specify if there is a related transaction.
Solicitor Details: If applicable, provide the details of the solicitors handling the related transaction.
Bank Details
Banking information necessary for processing any financial transactions related to the property sale.
Type of Bank Account: Select ‘UK’ or ‘International’.
Bank Details: Provide specific bank details such as name, account number, sort code for UK, or IBAN and BIC/SWIFT for international accounts.
Additional Details
Space for any additional relevant information about the property or transaction specifics.
Property Queries and Agreements: Clients can enter specific queries or describe agreements made.
Deadlines for Transaction: Specify any deadlines for the exchange or completion of the transaction.
Traditional vs. Homey Completion Time
Filling out this form traditionally can take up to a week, as it involves gathering information from various sources and ensuring accuracy in every detail.
Homey can reduce the completion time to just a few days or even less by automating data entry and pre-populating fields based on previously stored information. Real-time updates and digital document management also help speed up the process.
The Transaction Information Form is a comprehensive document that plays a crucial role in property transactions. With Homey, this process becomes more manageable, allowing users to complete the form accurately and efficiently. Whether you’re a first-time homebuyer or a seasoned real estate professional, Homey provides the tools you need to streamline your property transactions.
