The price was right, the buyer was perfect, and the timing worked. So, check the offer…
Right away, we start making phone calls, buyers start making plans, and attorneys start paperwork.
But what next? Follow this guide.
This part is tricky for sellers in two ways.
1. There is a lot of waiting time while the lawyer is working.
2. Sometimes questions or concerns pop up that need to be sorted out.
It can feel like a roller coaster. One minute it's quiet, the next it's chaos. This guide will help you solve it.
The most important things to remember at this stage are:
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Trust us to keep your sales moving forward
As your real estate agent, we track down attorneys, manage buyers, and keep things moving forward. If someone needs a nudge or there's a difficult conversation, step in. That's exactly what we're here for.
Here's what else you need to know: Jump to:
What to prepare now | Timeline from offer to exchange | What to do while you wait
Photo by Ruthson Zimmerman | Unsplash
These should be done as soon as possible
We recommend that sellers prepare the following list before reaching this stage: If you don't have them yet, you know where to start.
• Instruct your solicitor – The buyer's first action should be to apply for a search and have your solicitor review the documents. Therefore, they will need to speak with your attorney.
• Make sure all documents have been submitted – make sure you haven't forgotten anything (see 'Documents required to sell a home').
• Notify your mortgage provider – If you have a mortgage, notify your mortgage provider of your plans. If any issues are raised, please let us know immediately.
To help you navigate your transition and ensure you get the best mortgage in the future, we highly recommend using a mortgage advisor, such as our partner broker Alexander Hall.
• Prepare for future moves – If you are also looking to buy, we recommend starting your search as soon as your property comes on the market.
timeline
1. Immediately after accepting the offer 2. Focus on research 3. Attorney begins work 4. Contract signed 5. Closed
do your best
The buyer submits a mortgage application and asks a lawyer to begin and arrange for a survey.
You need to do the following:
✔ Communicate the details of your offer to your attorney so they can meet your deadlines.
✔ Check if there are any outstanding documents.
✔ Leaseholders: Please contact your building management company to confirm progress on your management pack.
✔ Fill out the Equipment and Accessories form.
your hometown
If you're planning for the future, this is when you really need to kick into gear to make your timelines line up.
Want to know how it all works? Our experts answer frequently asked questions here: Top tips for buying during a sale
Document preparation stage
The buyer's solicitors are currently carrying out investigations, including local authority investigations, water and sewerage investigations and land registry investigations, and reviewing all the documents they have collected. Your attorney will answer their questions.
This stage usually takes about 12 to 20 weeks, but it can be shorter if you and the buyer are fully prepared, or longer if your lawyer is at an impasse.
make it official
Your attorney will draft the contract, and the buyer and his attorney will review it. The edited draft will then appear. When everyone is satisfied, sign on the dotted line.
The buyer puts down the earnest money deposit and a closing date is set.
big day
You must move out by noon on the completion date.
Be prepared to contact them in case your purchase funds are delayed or your bank deadline is delayed. This usually doesn't happen, but if it does, we'll guide you through the steps.
When you move out, just bring your key with you and you're all set.
Processing documents: What to do while you wait
It's a bit of a waiting game for you while the lawyer does his work. Here's what you can do to make the process go smoothly:
1. When you receive a question or request for more information, respond promptly and communicate clearly. If in doubt, please ask us. we've seen it all.
2. Sometimes problems arise. An investigation may reveal something unexpected, the local government may be slow to respond, or the buyer's own sale may be delayed.
Sometimes you need patience, sometimes you need to make quick decisions, but you are not alone. We've experienced everything that can happen in sales and can provide you with expert insight you can trust.
3. If you're a buyer too, you're likely to be busy on the other side of the transaction. Make your purchase go smoothly with careful planning and clear communication. That way, once the sale is complete, you'll be ready to make a down payment on your new home.
Further information regarding the sale of real estate:
• What happens during a property viewing?
• How satisfied are the buyers?
• Top Tip: Balancing the sale of your home and subsequent move
Source: The content in this article has been provided by and reviewed by Foxtons Sales to ensure you have the most valuable information when selling your property. If you have any questions, please contact us.
