Selling your house is an exciting time, but it’s also bound with a lot of red tape. This handy guide will take you through all the ins and outs of property contracts, so you know what to expect from the outset.
“The legal process begins as soon as you accept an offer. This includes arranging for the drawing up of contracts, arranging appropriate payments and making sure that the property is legally transferred to the new owner.” Says Central London estate agent, LDG.
Both you and your buyer will need to instruct solicitors and/or conveyancers to do all the legal work on your behalf and ensure that everything is above board.
The legal process of exchanging and completing contracts with your buyer generally takes the following steps:
- Terms are agreed between seller and buyer and you both instruct legal parties to do the conveyancing work on your behalf.
Your lawyer obtains the title deeds and prepare draft contracts for your buyer’s lawyer to approve.
Your lawyer sends the draft across to the other lawyer, along with the other documentation required to form the contract.
The buyer’s lawyer reviews the documents and does the appropriate searches and reviews. They will then confirm that there is a mortgage offer in place and check the progress of any dependent sale in order to proceed.
Contracts are then signed by both parties and exchanged. At this stage a completion date is agreed.
The buyer’s lawyer will prepare the Transfer Deed, which will then be sent to yours for approval and signing.
Your buyer will obtain the necessary funds for purchase, either directly, via a lender or through the sale of their own property.
On the completion date your buyer’s lawyer will send the required funds to yours. As soon as these are received the purchase is deemed complete.
Finally, the buyer’s lawyer will pay any stamp duty that is due on the property and register the buyer as the new owner with the Land Registry.
“The time the whole process takes depends on various factors, like whether there is a chain or the property is subject to any planning permissions, but on average you can expect it to take between six and eight weeks” explains Andrew Reeves.
To make things move as quickly as possible from your end it’s advisable to instruct your lawyer to start working on the paperwork before you find a buyer. This may seem like false economy but it can save a huge amount of time further down the line and make the whole transition much smoother.
Things they can do in advance include calling for information regarding title deeds and other important documents that can take a while to get hold of. You can also complete other documents in advance, such as the “Sellers Property Information” form and “Fixture Fittings and Contents” declaration.
“If you do as much as you possibly can now, you’ll be thankful in the long run” says Wimbledon estate agent, Robert Holmes.
Markets tend to vary widely from neighborhood to neighborhood, but some things remain the same. A property that sits empty in the market is a property that always amasses expenses, not profit. Well, a perfect buyer does not simply come across by some chance and give you a hefty offer. There is a host of strategies to speed up the sale without offering profit as a sacrifice. Here are some of the most common ones that take the frustration and protraction out of the process.
A nice first impression
First impressions matter a great deal and they can turn into long-lasting, impactful opinions. Once a buyer sets the eyes on your home, the emotional response and vivid imagination must be ignited. Hence, curb appeal is one of the main aspects you need to pay attention to.
Namely, boosting the interior sparks the attention of buyers and prompts them to tour the inside. So, handle maintenance works, do the landscaping, paint your exterior walls, clean the driveway, and make your lawn picture-perfect. Try to highlight the strengths and selling points while softening the flaws at the same time.
A realistic price
The price tag on a real estate is what attracts and turns many buyers away. In a nutshell, you have to price your property competitively. Overpricing is like shooting yourself in the foot, but a price that is too low is not good either – it makes you lose a lot of money.
On the other hand, the right listing price can be difficult to figure out, as it depends on multifarious factors in the local market. To get a hold of the numbers game and save precious time, you can hire a real estate agent who knows a local property landscape like a palm of his hand.
All systems go
The focus of the inspection is often on core systems like electrical installations, insulation, and plumbing. They must work like a charm if you want a satisfactory report from a certified home inspector. Thus, do not hesitate to hire professionals and opt for plumbing services to sort out any faults, leaks, cracks, and malfunctions.
These are the red flags that could ruin your prospects and make the buyer walk away. Therefore, if you really mean to get the house off the market, never sweep problems under the carpet (or a coat of fresh paint for that matter).
Persona non grata
Depersonalizing the home is often painful, yet absolutely necessary. It is the only way to enable buyers to visualize themselves in your home, which is the crucial stage in the decision-making process. Thus, get into the art of home staging and making the space more welcoming.
Strive to remove any personal items, quirky accents, clutter, collectibles, as well as political and religious motifs. Present a soothing space that is neutralized and simplified: A clean, blank canvas. Tone down bright colors and stay current when it comes to style and decor.
Small updates, big difference
One of the main dilemmas for homeowners is whether to upgrade prior to the sale. Forgoing them makes financial sense because the ROI on home improvements is generally lower than 100%. However, you can still add some value and enjoy more offers coming your way.
That is why small upgrades are a better idea than major remodels. For instance, replace a faucet in the kitchen, do an energy audit, get a new storage unit, and place a new showerhead in the bathroom. Remember that the kitchen and bathroom are generally associated with the best ROI.
Fast tracks to success
Selling the home is no walk in the park.You cannot just put out the “for sale” sign and hope for the best. In the real estate market, time is money, quite literally. So, draw people in with a nice exterior, do the repairs and spruce the home up.
Set the stage for buyer’s dreams and visions to come to life. Employ smart strategies to sell your home as soon as possible for a good price. You should be able to pull that off regardless of where you are looking to sell.