Selling real estate is usually a more straightforward process than buying. A general outline of the process is:
- You list your property for sale with a real estate agent or agents. It is a good idea to shop around and find an agent you are comfortable with. Discuss with the proposed agent issues such as how they propose to market your property, any advertising you will have to pay, how much their commission will be.
- A prospective buyer submits an offer to purchase your property, usually by signing a contract prepared by your agent. If you are happy with the offer, you sign the contract and the agent sends the original to the buyer and your copy to your solicitor.
- The buyer has a 5 day cooling off period. If they terminate the Contract based on the cooling-off period you are entitled to claim a penalty of .25% of the contract sale price. To secure payment of this amount, you should make sure the deposit is not returned to the buyer until the penalty has been paid.
- If you have a mortgage on the property you should contact your bank immediately to let the bank know that the property has been sold. The bank will prepare a release of the mortgage ready for settlement. Your solicitor will liaise with the bank concerning settlement and find out what amount is required to pay out the mortgage (if applicable).
- You will need to sign transfer documents for the property. The transfer documents are prepared by the buyer’s solicitor and sent to your solicitor for you to sign.
- Your solicitor will arrange settlement on the settlement date and calculate settlement figures.
- The buyer is entitled to vacant possession immediately settlement has happened. The keys to the property should be delivered to the real estate agent prior to settlement ready for the buyer to collect after settlement