Once you have found a buyer and agreed on the price, the contract which had been initially drawn up, can now be signed and normally a 10% deposit will be paid by the purchaser with the balance due on the settlement date agreed.
In the case of purchase at auction, the deposit must be paid and the contract signed on the day of the auction.
The deposit will be held in trust by your agent.
The purchaser may wish to organise an inspection of the home whether it by by a valuer or a building consultant. This will normally be included in the contract.
Once the contract is exchaned, it is a legally binding document. Normally a solicitor will handle the sale. They are experienced and knowledgeable of what can be a very complex process.
Should you not have an appropriate person to handle the sale, your agent will assist as they will have local contacts that they can recommend.
As part of the sale process, arrangements will be made for the balance to be transferred to your bank account or paid direct to you. It will be a normal process for the Agent to deduct the commission and any advertising costs (if applicable) from the deposit. The balance will then be forwarded to your solicitor prior to settlement.
Settlement day is the point at which the keys are handed to the purchaser and the property becomes their responsibility. It is important to note that up until that date the property is still legally yours and therefore such aspects as insurance remain your responsibility.
To contact a Property Consultant at Bethlehem First National click here and we will send you a "Home Seller's Guide"