To begin selling your property, you firstly need to know what the property is worth in the current market.
You get valuations from Estate Agents who come to your property, analyse and measure the property and give their professional opinion on what the property is worth.
Sale by private treaty
This is when a deal is negotiated and made directly between the agent and purchaser. With a sale by private treaty, the property may be marketed on various social media and such.
Sale by auction or;
This is a very public form of sale wherein open bidding takes place between prospective buyers, with the highest bid being the winner. Usually, this form of sale is best used for a relatively rare form of property such as a thatched cottage, or where demand for the property is so high that the competitive bidding may encourage higher offers.
Sale by discreet selling
This is similar to sale by private treaty except the house is not marketed publicly, the agent just negotiates privately with prospective buyers.
You may opt to have your property valued by multiple agents, and they won't all necessarily give you the same valuation.
Once you choose which estate you want to have selling your property, you will sign a letter of Engagement with that agent.
A number of legal documents will need to be provided to your solicitor in order for them to produce contracts. Title deeds are held by the bank if you have a mortgage. If you have no mortgage, title deeds are held by your solicitor.
If your title deeds are held by the bank, your solicitor will need written permission from you to attain your title deeds from the bank. The written permission comes in the form of an Accountable Trust Receipt or ATR. The sooner this permission is granted, the sooner the solicitor can begin the contract drafting process. Your solicitor may also need to order up-to-date folio maps from the land registry the make sure the boundaries on the map correspond accurately with the physical boundaries.
You will also need to provide your solicitor with all planning documentation issued for the property since 1st October 1964. This includes extensions and porches that may have been added since this date. Again, the sooner you begin this process the better as it may be quite lengthy.
The Property Services Regulatory Authority is the body that makes sure all documents and such are in check in relation to a property sale/purchase etc.
You will have to sign a terms of engagement contract with them when selling your property. For the terms of engagement contract, you will need.
It is a legal requirement for every property to have a B.E.R certificate before marketing can commence. This was applied in 2013.
It is important to note that properties that are protected structures are exempt.
Two forms of identification with your name and current address dated within the last six months will be required to include a license / passport plus a utility bill.
As mentioned above, a folio map will need to be sought from your solicitor.
If you have made any alterations or extensions to your property, you may need a certificate of compliance. It is important that you liaise with your solicitor / surveyor on this at an early stage.
Receipts or Statements for: Septic Tank: If your property has a septic tank, it must be registered and you must have the certificate of registration.Non-Principal Private Residence Tax (NPPR): if the property in question is not your main residence you will need to provide a certificate of exemption or payment.Local Property Tax: You will need to provide a statement or receipt that shows you have paid your local property tax (L.P.T)
Your agent will begin scheduling viewings for your property. Notice will be given to you in advance of each viewing, and all offers made will be relayed to you to accept or reject. The house will have to be empty during viewings, for the sake of the privacy of the prospective purchaser, and so much liaising and dialogue will be had between agent and vendor (seller) in preparation of each viewing.
It is important to make sure the house is not only empty for a viewing, but also that the cleanliness and general maintenance of the property is optimized, so-as to make the property as attractive as possible to the potential purchaser.
Once a prospective purchaser makes an offer to the estate agent, the agent will relay that offer to the vendor. The vendor then decides whether to accept or reject that offer. Once an offer is made that the vendor agrees to, the property will be "Sale Agreed". This, however, does not mean the process is finalized.
The Sale Agreed is merely just an acknowledgment that an offer was accepted, and the funds of the purchaser are in place.
The deposit will have to be paid by the purchaser and the final contracts will have to be signed before the property can be officially sold.
At this point, the purchaser will have had their offer accepted by the vendor, the purchaser will have paid their 10% deposit and the respective solicitors will have prepared all relevant contracts. The purchaser is allowed to inspect the property again the day of the sale, just before contracts are signed, to make sure nothing was changed or tampered with within the time since their last viewing of the property. The remaining 90% of the purchase price will be paid on completion of the sale.
If you are thinking of selling your property in Donegal, feel free to contact us to discuss your requirements and the options available.