Selling a Property
Back to NewsYou should choose your Solicitor at the same time that you instruct an Estate Agent and agree a fee, this can help to reduce delays. The solicitor will not be instructed formally until you have accepted a formal offer.
Once an offer has been accepted the solicitor will provide you with some questionnaires for completion which will detail the property and what is to be included in the sale.
Once the questionnaires have been completed the solicitor will then draft a contract and send it to the buyers solicitor for approval.
“YOU SHOULD CHOSE YOUR SOLICITOR AT THE SAME TIME YOU INSTRUCT AN ESTATE AGENT”
Negotiations then take place over the draft contact, which will include a competition date, what fixtures and fittings are included in the sale, how much is paid for fixtures and fittings not included in the sale.
The buyer will have had a survey and dependent upon the outcome negotiations may take place about repairs or even the renegotiation of the sale price.
You and the buyer will then agree a date for the exchange of contracts. Once contracts have been exchanged you will be in a legally binding contract to sell the property. This means that if ever you or the buyer pull out then you or the buyer could be sued. You can also not accept any other offers.
“ONCE CONTRACTS HAVE BEEN EXCHANGED YOU WILL BE IN A LEGALLY BINDING CONTRACT TO SELL THE PROPERTY”
Between exchange of contracts and completion the buyer will pay their deposit. You should then start the process of preparing to move out, although you do not have to until the date of completion.
On the day of completion you will need to move out leaving only the agreed fixtures and fittings, hand over your keys, any outstanding mortgage will be paid off and the solicitor will provide the legal documents to the buyer to register the purchase.
If your buying another property then please read our guide to buying a home. For further information please contact Tony Randle or Tony Clark on 01902 429 051.
