© Copyright Glaric Consultancy Ltd. 2012
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What do you need to know about the Sales Process?
The process of selling a property may to many appear complicated,
lengthy and drawn out, however, the following paragraphs will help
you to better understand what happens.
Before you take the decision to put your property on the market,
you would be well advised to instruct a Solicitor or Conveyancer to
handle your conveyancing.
The majority of people will not speak to a Solicitor until they have
received an offer, however this can have the effect of delaying the
entire process.
When you have received and accepted an offer on your property,
the buyers Solicitor will send a letter confirming that your buyer
has mortgage approval in principle.
As part of the conveyancing process, you or your Solicitor may
be asked questions about your property or you may be asked to
produce documentation supporting any information you provide.
Your buyer’s Solicitor will also commence the legal and local
authority searches legally required for a sale.
These will confirm your legal right to sell the property which is called
‘Evidence of Title’ and will also confirm the boundaries of
the property.
Once all the searches and other details have been agreed, a
contract for the sale will be put together and will be exchanged, this
is known as ‘the exchange contracts.’
This is also the point at which a completion date will be arranged
with the buyer.
On the agreed completion date, the appropriate funds will be
transferred from the buyer’s Solicitor to your Solicitor and when
this has been confirmed you will pass over the property keys to your
buyer.
Never hand over the keys until your Solicitor has told you that the
transfer of funds has been completed.
You should never at any time attempt to conceal information and
should answer any questions honestly and to the best of your
knowledge.
Any communication must be through your Solicitor and your estate
agent. Never communicate with your buyer’s Solicitor or with your
prospective buyer.
The process is involved and it needs to be if your best interests are to
be safeguarded. MGY the estate agents are here to help every step
of the way.
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