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Your conveyancing guide
to selling
Selling your home
As selling a property is probably one of the most important transactions
you'll ever make, obviously you'll want things to go well.There
are three main stages to selling a property -
| 1. |
Offer received |
| 2. |
Exchanging
contracts |
| 3. |
Completion |
N.B. The procedure may be different in Scotland,
please ask us for details.
1. Offer received
Now you've received an offer for your property, what should you
do next?
Your estate agent will confirm full details of
the offer including the name of your buyer and their solicitors.
If selling privately you should let us have the
buyer's details as soon as you can and if you need any advice
on the preliminary negotiations just give us a call.
It is now time to contact your solicitor who will
obtain your deeds and contract papers ready to help to avoid delays
later on.
They will also send you a questionnaire asking
for information about the property.
Contract -
Your solicitor will prepare contract papers and send them to the
buyer's solicitors. They may come back with quite detailed queries
but this is normal as they obviously want to have as much information
as possible before approving the contract. Thanks to your questionnaire,
in most cases, your solicitor will be able to answer their queries
without bothering you. When they are satisfied they will return
one copy of the contract for you to sign.
Contents -
It is usual when selling a property to include some of the contents
in the price - such as carpets, curtains and certain items of
furniture you don't wish to take with you. The questionnaire we
send you includes a checklist to make it easy for you to decide
what is included and what is not.
Surveys -
The buyer will almost certainly want a survey carried out on your
property and, if this reveals a problem, he may well expect a
lower price to be agreed.
2. Exchanging contracts
Once you've signed the contract this does not mean your property
is sold. Only when both you and the buyer have signed and the
contracts have been exchanged does the sale come into force and
is legally binding on you both.
Deposit -
When exchanging the contracts your solicitor will also ask the
buyer's solicitors for a deposit. The amount is usually 10% of
the purchase price but may be negotiable.
Completion date -
When contracts are exchanged, the completion date is also agreed.
This is the day when the balance of purchase money is paid and
you must move out of the property. Completion is generally 4 weeks
after the exchange of contacts but his can be changed if all parties
agree. Unless you are selling to a first time buyer; it is possible
that you will become involved in a 'chain' where the buyer is
not able to pay for the property until he has sold his own.
Removals -
You must move out of the property on or before the completion
date. As soon as your hear contracts have been exchanged you should
make your removal arrangements.
3. Completion
Once contracts have been exchanged, the buyer's solicitors will
prepare the purchase deed, this is the document which actually
transfers legal ownership. It will be sent to you to sign and
return undated and will only come into effect when we add the
date. It is important that you sign this deed and return it to
us promptly to avoid holding up the completion of the sale.
Mortgage payments and outgoings
- When the contracts have been exchanged
your solicitor will obtain a settlement figure from your mortgage
company and pay the mortgage from the proceeds of sale. At this
time you should also organise final bills and transfer of your
utilities (e.g. gas, electricity, water and telephone).
Estate agents fees -
If you're selling through an agent then fees will be due on completion
of the sale. Your solicitor will pay these fees from the proceeds
of the sale unless instructed otherwise.
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