Selling a Property Guide
Guide to Selling a Property Receiving an Offer
As soon as you receive an offer you are willing accept on your property, you should contact KLC Solicitors to instruct us to act on your behalf in the sale of your property. We can then begin the process of drafting the relevant documentation for you.
We will need your Deeds or Title Documents on the property in the first instance and if you have a mortgage these will almost certainly be in the possession of the mortgage lender.
Drafting of the contract is the seller's responsibility and needs to be presented in a specific format. We will therefore take care of this for you and ensure it contains all the relevant conditions of the transaction. This will then be forwarded to your buyer's Solicitors and there may well be details within the document that are negotiated upon. We are also required to provide the buyer's Solicitors with evidence that you are entitled to sell your property and we will therefore need to forward to them copies of the Deeds or Title Documents and a plan of the property showing boundaries etc.
We will then receive enquiries from the buyer's Solicitors regarding aspects of the property. We will respond to these in accordance with information supplied to us by you and contained within the Deeds of the property.
Signing the Contract
When everything is in place and all enquiries and searches on the property have been satisfied, you will be required to sign the contract. You are still not legally bound until the contract has been exchanged. The completion date of the transaction will be discussed and agreed between all parties involved in the chain at this point.
Once the contracts have been exchanged the buyer will be required to pay a deposit. The amount of the deposit is variable but is usually between 5 and 10% of the purchase price. if the purchase fails to complete due to a fault on the buyer's side, you may be entitled to sue for the amount of the deposit.
Exchange of Contracts
This is the point of no return - once you and the buyer have 'exchanged', you are committed to the sale of the property. We will exchange the contracts on your behalf with the buyer's Solicitors and will let you know as soon as this has taken place.
Only once contracts have been exchanged can you make arrangements to move - see 'Moving House - Your Checklist' to ensure you don't forget anything.
If you have a mortgage on the property you are selling, this must be paid off on completion day. We will contact the mortgage lender to establish the exact amount outstanding on the day of completion in order that the exact money will be available to settle the loan.
Assigned Life Policy
If you have an endowment mortgage on your property or another mortgage whereby an insurance policy is assigned to the lender, we will arrange for the policy to be re-assigned to you once the mortgage is paid off.
Transfer & Requisitions
Following exchange of contracts, we will liaise with the buyer's Solicitor regarding completion and who/where to pay the money to.
You will be required to sign a document transferring the title of the property over to the buyer before completion day.
If you have engaged Estate Agents to handle the sale of your property, their fees will become due on completion day. We will liaise with them to ensure they issue their invoice for this date and ask you to check that it is as you agreed with them.
We will then calculate all the figures and let you know how much money will be due to you from the sale (or how much you will owe) once all expenses have been settled.
This is when the property actually becomes the buyer's and you have to move out. You must vacate the property and remove all your possessions by the time the buyer actually pays his money (generally just before or around lunchtime on completion day).
All the information on this site is provided for guidance only, you must always speak to a qualified Solicitor for accurate information regarding your own personal situation.