Guide to Sell Property
Selling a property can be an uphill and challenging thing, especially for people who don’t have the experience. There is a lot that goes into the process of selling a property, and you need to know what they are. Here is the process you need to follow when you decide to sell a property.
Making the decision to sell
You need to look at what is happening in the market and what is the best option at that given time before you decide to sell a property. You should also decide whether you need to buy another home before you decide to sell it. Once you decide to sell you will move to the next process of finding someone to help you.
Choosing an agent
It is a good idea to work with an agent because he/she will help you throughout the process. The agent will ensure everything is going smoothly and will help avoid common problems many people face when selling a property. The agent will be in charge of advertising, showing the property, and completing legal requirements for selling the property. Ensure you choose wisely.
How you want to sell
You will work out with the agent and come up with a way of selling. Some of the common options when it comes to selling include an auction, fixed date sale, and asking price/private sale.
Determine the selling price
You will need to determine the selling price and property inclusion. The location, size, age, and features of the property will be assessed. There is also an assessment of the current market and area trends. There are many factors that will be used in coming up with the best selling price. This is where you can decide to renovate in order to increase the value of the property.
Sign agreement with the agent
You will then sign a legally binding contract that details the commissions, duration of the agreement, estimated sale price, advertising costs, process and much more. Ensure you go through the contract to ensure you understand. This will help you if something goes wrong.
Preparing the Vendor’s Statement
This will be done through the conveyancer or solicitor and will have all the details that prospective buyers will need.
Advertise and Show property
This will involve taking photos of the property, draw up of floor plans, and write online ads. You need to put the property in a good light in order to attract buyers. Try capturing areas of the house that will grab the attention of the buyer.
Putting it on the market
The interested buyers will contact the agent and arrange to show them the property or even attend open homes. This is why you need to hire an agent, especially if you are busy.
Sale and negotiations
The agent will mediate between the seller and the buyer until they have reached an agreement on the price of the property. The buyer is then required to pay a deposit.
Both the lawyers of the buyer and seller will work out the details of the deal and ensure both parties have met the financial and legal requirements.
If everything goes according to plan, you will hand over the keys of the property to the new owners in exchange for the remaining payment by the buyer or their bank.