Selling your Home
When selling property some people find that they become stressed and feel as if all their time is spent on the "Sale".
We aim to make this transaction as easy as possible for you. The service we provide ensures you have a hassle free period during the conduct of your sale.The Vendor (owner of the property) instructs a Real Estate Agent to list the property "For Sale".
To enable the agent to do this, a Contract for Sale of Land must be provided (unless the property exceeds an area of 5 acres). The Vendor must then instruct a Solicitor/licensed Conveyancer to prepare the Contract and provide this to the Agent. The Agent then holds the Contract until a purchaser is found.
Upon the property being "sold" the agent will then provide the Solicitor with a Sales Advice with the relevant information. All terms and conditions of the Contract are then negotiated between the parties' Solicitors and the Purchaser is advised if there will be a "Cooling Off' period. Contracts are then signed and ready for Exchange.
Exchange
Contracts are exchanged (i.e both the purchaser and vendor sign counterpart contracts and then the Parties’ Solicitor dates and exchanges the contracts) and it is at this time that the purchaser pays the balance of the 10% deposit to the Agent (unless otherwise stated in the Contract). This money is usually held in a trust account at the Real Estate Agent's office, pending completion.
Should the Vendor have allowed the purchaser the benefit of a "Cooling Off' period the Purchaser now has five business days from the date of exchange to obtain pre-purchase inspection reports. Should they discover any problems with the property or in obtaining finance the purchaser may rescind the Contract within the five day period and forfeit 0.25% of the purchase price on the Contract.
After Exchange
After exchange the Purchaser's Solicitor obtain all necessary searches, and enquiries.
The Vendor's Solicitor arranges for any Mortgage to be Discharged with Vendor's lender.
Settlement
The standard period of time between exchange and completion is 6 weeks.
Completion is then arranged and all parties, including the vendor's discharging bank attend completion. The Vendor is not required to attend as our firm will attend on your behalf.
At completion the Vendor is paid the Balance of Purchase Price. Any loan monies outstanding to any financial institution are paid out of the sale proceeds at completion. The balance of the monies are drawn as directed by the Vendor.
At completion the property must be vacant unless the Contract provides otherwise. You should note that the Purchaser is entitled to carry out a final inspection of the property, prior to completion.
After completion the Agent releases the deposit to the Vendor less their commission for the sale