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Guide to selling your homeProperty improvements
Neat and tidy
Alert the publicOne of the most common ways of putting your property on the market is to use an estate agent. Either ask friends for personal recommendations or search Fish4's database of estate agents.Most estate agents operate on a commission basis, charging a percentage of the sale price therefore earning nothing if they fail to sell the property. But if successful, they make quite a lot on each sale since they charge anything between one and three per cent of the price for their efforts. A few agents charge a flat fee of a few hundred pounds whether they sell the property or not. If they're successful, that's good news for the seller, but if there's no sale it could be a waste of money. The agents, however, can't lose. Most reputable agents are members of the National Association of Estate Agents (NAEA), and all reputable agents have signed up to the voluntary Estate Agents Ombudsman scheme, which regulates members and levies fines or orders compensation to aggrieved consumers. There are various options when dealing with an estate agent:
One other way of selling your property is to put it up at auction. Before the auction takes place, you will have to set a guide price with the auctioneer setting out the minimum price you will accept before the day of the auction. Around one week before the auction, you must set the reserve price - the minimum that you are prepared to accept at auction. This is kept confidential between you and the auctioneer. If the sale is successful, you pay commission to the auctioneer - usually about 2.5 per cent of the sale price. There are several things to bear in mind when considering selling your property at auction. One is that if the property fails to reach its reserve price, you will have wasted time and have to go through the whole process again. Also both you and the buyer are committed to the sale - and a completion date - once the gavel has fallen. Accepting an offer for your property Once you have received and accepted a suitable offer, the process is similar but reversed to when you buy a property. You will need to employ a solicitor or licensed conveyancer to ensure the legal transfer of ownership is completed as quickly and efficiently as possible. The contract is prepared and details of all matters affecting the property in the deeds or on the Land Register are given to the buyer's solicitors. If the buyer is satisfied on all the relevant matters, contracts are exchanged, the transfer deed approved and the sale is completed. Once you have exchanged contracts you and the buyer are committed to the sale. A completion date will be set and you could end up paying damages if you fail to move out by the agreed date. Back to:
Property sellers guide |
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