As a homeowner, buying your home was probably the biggest investment you have ever made. So, when you decide to sell your home, you need to make sure that the process runs smoothly and cost effectively to reap the maximum reward on your investment.
There is a growing trend towards selling property privately rather than the more traditional method of using the services of an estate agent. This is partly due to the ever-growing use of the internet which has created greater knowledge of and access to the property market. This is further enhanced by the ability of sellers and buyers to now list themselves and their properties on free or paid for portals, thereby potentially eliminating the need for estate agents.
There are definite advantages and disadvantages to selling privately. When selling privately, you are in complete control of the selling process. In addition, there is the cost benefit of not paying an estate agent’s commission, which could be as much as 7.5% excluding VAT, although this can be negotiated down. The decision as to who to show your property to and when to give them access is entirely yours. As the seller, you also have unique knowledge about your home and the area, which would be of value to any potential purchaser.
However, it does mean that you, as the seller, would have to do all the ground work that an estate agent would normally do. This includes researching and deciding on the sale price, marketing the property, being available for show days, drafting the sale agreement and negotiating the sale.
As the seller, you should be the one choosing a transfer attorney (conveyancer). Estate agents usually suggest a few options of who they prefer to use, but it is ultimately the seller’s choice. We often assist sellers in the drafting of the sale agreement to be used in the sale of their property as well as assisting with the negotiations and any further settling of the sale agreement to help to close the deal with the buyer. This sale agreement ensures that your legal needs are fully covered especially if complicated warranties or arrangements are required.
The advantage of having attorneys draft your sale agreement is that, as conveyancers, we gain intimate knowledge into your transfer and can assist in the transferring of your property with ease and in a timely manner. Also, it is important that as a seller you understand what the normal backstops are and what clauses in a standard agent’s type agreement are not applicable to your particular deal or unnecessary.
Contact us to assist you with the agreements pertaining to the sale of your property and ensure that your attorneys are on your side acting in your interests from the beginning and throughout the process.
This article should not be used or relied upon as professional advice and is for information and marketing purposes. Please consult with one of our attorneys should you need legal assistance relating to this area of law.