Property sales can be a easy job but also a tricky one especially when done in the wrong way or probably doing it for the first time. There are some steps one needs to put in their mind when it comes to selling your property. Today we are going to see some of the fundamental steps one needs to follow in order to ensure a smooth process for the transactions:
Do Some Research Work
In case your home was on a mortgage, make sure to communicate with your provider in order to know what kind of penalties you might be asked to pay due to paying off the mortgage earlier.
Also your urgency of selling the property will determine the pricing of your home. Make sure you also understand the legal processes in your area that need to be followed for the proper transfer of property.
Ensure Proper Valuation Of Your Property
This can actually be done by making a number of valuations on your property. This will help give you a proper view of what you really should expect from the market and how to price your property. Remember that the buyers mostly will ask for a discount and so it is always advisable to price your property at least 5% or 10 % higher than what you really want to achieve.
Choose An Agent
Now you can find a property sales agent whom you can trust and work together. He should have proper communication skills and have good presence in the market. They should be able to give you an honest view on what to really expect.
Evaluate Your Home Like A Buyer
You should scrutinize your home the way would want it when buying. Are there simple low cost repairs here and there that you would wish done? Also put your house in order. Make sure to paint the walls and get them looking attractive. Make some low cost upgrades if possible. Look at your plumbing, electrical and water systems. Consider having your windows and carpets cleaned in a professional way.
Remember that the pictures of your house and also the first impression of your house for the customers matter very much when selling your home.
Identify A Solicitor
Property transfer is done through a legal process and this is where a solicitor comes in. He will not come through until you have accepted an offer but it is good to have them ready.
Negotiate And Have A Draft Contract
Now once you have identified a buyer and have accepted their offer it is the time to have a draft contract written. In the contract you will include the time between the exchange and completion. Here you will also include any special discounts and also the terms of payments. Make sure to include every single term in order not to find your self in trouble when time to hand over the keys comes in.
Exchange Of Contracts
When the drafting process is complete, the contracts are exchanged and a deposit is paid. At this point you and the buyer are legally committed to the sale. Anyone who breaches the contracted can be sued. If the buyer decides to walk away at this point they lose their deposit.
This is when now the complete transfer of property happens.Respective party solicitors will transfer the deed and the bulk of the money. Your solicitor will apply for a land transfer at the local land registry.