The following is a guide to the process of selling a property using plain English and uncomplicated legal terms.
When you decide to sell your home you should inform your solicitor so that he can arrange to have your title deeds available when the property being sold. You should also ensure that you have a Building Energy Regulation Certification as required by law.
As Hogan Estates conduct the viewings of your property, some of the prospective purchasers will make an offer to buy your property at a certain price. Hogan Estates will convey that offer to you along with advice on whether to accept the offer or to hold out for a better offer.
Hogan Estates will negotiate on your behalf to get the best possible offer for your property. A list or inventory of contents to be included in the sale will also be prepared by Hogan Estates.
When you decide to accept an offer, the purchaser is usually asked to pay a deposit, but you should be aware that in the event of the sale not completing this deposit is refundable. The purchaser will probably arrange a structural survey and their lending institution will most certainly arrange a valuation of the property.
At this stage you should also advise your solicitor that you have accepted an offer to sell your property.
Hogan Estates will write to your solicitor and ask them to send contracts and a copy of the title deeds of your property to the purchaser’s solicitor. A date which is convenient for both parties will be agreed for the completion of the sale. This is commonly referred to as a ‘date for closing’.
When contacts have been agreed between both parties’ solicitors, the purchaser will sign the contracts in the presence of his solicitor and they will then be forwarded to your solicitor for signing by you. At this stage, the purchaser must also pay the balance of the 10% deposit required.
In other words, if they have previously paid a booking deposit of 2.5% of the purchase price, they must now pay a further 7.5% of the purchasing price. When these contracts are signed, there is no going back.
Both solicitors will meet on the mutually agreed completion date and exchange contracts. The purchaser’s solicitor will also give your solicitor a cheque for the balance of funds which is 90% of the purchase price. Your solicitor will transfer any funds held by him in relation to the sale to you after deducting his fees and outlays.
All that is left for you to do is to take meter readings and hand over the keys and of course, browse the Hogan Estate Website for the home you have always wanted.