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Make that Sale |
Once
buyers start viewing your property you are on the way to making a
sale. The following steps are:
Negotiating and Accepting an Offer
It is the role of your real estate agent to conduct all negotiations. Do
not negotiate directly with any prospective buyers, always redirect them
to your agent if they contact you. If possible, it would be best for the
owner not to see or in touch with any prospective buyers before the deal
seal! Let the real estate agent handled them directly.
When an offer is made, the agent will put the offer in writing, signed by
the buyer. The agent will then present this offer to you. If you are not
pleased by the offer you make a "counter-offer" at a price acceptable to
you. Your agent will then take this "counter-offer" to the buyer who will
either withdraw their offer or match your asking price.
If you do receive low offers, make sure you do not take become distressed
by this or take it personally. Often the buyer is simply trying their luck
at eliciting a low price. Do try however to find out why the buyer is
offering a low price. Perhaps he believes the fencing will need to be
repaired at significant cost. Such information may help you to determine a
counter-offer.
If you do wish to accept the offer, do this as soon as possible. At any
time prior to your acceptance a buyer can withdraw their offer. Upon
accepting an offer you will be asked to sign a contract agreeing to the
sale.
Signing a Contract
When you sell property, it is your responsibility to prepare all necessary
contracts. We recommend engaging a solicitor to prepare these contracts,
as part of the convincing process.
Your solicitor and real estate agent will advise you on all the
documentation necessary for a property sale. Make sure you tell them of
any special conditions or limitations you want on the sale.
The contract becomes legally binding once signed by both parties, i.e. you
and the buyer. A holding deposit may also be paid to you at this stage.
There is no legal requirement to pay such a deposit, but it has become an
accepted act of good faith by the buyer.
Completion
The completion date is the day you hand over possession of the property.
In legal terms, completion date is the completion of the transaction.
(Name transferred at Land Office) On completion day the balance of the
purchase price is paid to you, and the title deeds (legal documents
stating property ownership) and keys are handed over.
Remember that the buyer is entitled to vacant possession at the time of
completion. They are also entitled to a last inspection just prior to
completion. If the property is not as they expect, i.e. the property has
been unfavorably altered in some way since you exchanged contracts, they
may choose refused taking the possession until the property is returned to
the state it was in at the time the offer was made.
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