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The House Sale Process from A-Z

The House Sale Process from A-Z

Vendor (Trading up, trading down, executor, marriage break up, bank in background, receiver, investor)

Vendor appoints estate agent to sell the house at an agreed asking price

House put on & for sale

If asking price is reasonable, should have bids on the property within 4 – 5 weeks

Interested party makes bid. Bidding back and forth (if bids are reasonably pitched, the bidding process may take 1 – 3 weeks)

House is sale agreed to most suitable bidder (not always the highest)

Buyer pays a deposit of 3% of house value to the vendor’s estate agent. This is fully refundable

Buyer gets a structural survey done

Buyer’s bank (if buyer is borrowing) appoints an independent valuer to value the property.

Both survey and bank valuation should happen within 5 – 10 days of going “sale agreed”.

Estate agent writes to solicitors for vendor and buyer with details of the property being purchased, the amount it’s being purchased for, and an estimated closing date for the sale closing date is usually 8 weeks from the date of this letter)

Vendor’s solicitor prepares a contract for sale and sends this along with a copy of the title deeds to the purchaser’s solicitor.

Back and forth questions between solicitors for both parties. (Can take up to 10 weeks – can be as little as 3 weeks)

Purchaser’s solicitor, invites purchaser in to sign a contract (usually subject to loan) and pay a further 7% of the total cost of the house.  This is non refundable (unless the vendor pulls out of the sale).

This contract, signed by the purchaser, is returned to the vendors solicitor straight away ( unless there is still some outstanding issue eg. a map / a document etc)

Vendor signs the returned contract (usually within a week of it being returned)

Buyer conducts a final inspection of the property (to check that no windows are broken, no tank overflowing etc)

Buyer’s solicitor transfers the balance of funds to the vendors solicitor and the sale is closed.

The vendor’s solicitor phones the estate agent to tell them that it is OK to release keys to the buyer.

Buyer collects keys from the estate agent. 

6 Ways To Save Time Finding The Right House

6 Ways To Save Time Finding The Right House