Just like with buying a home, selling a home can be a confusing and emotional process. For those who have lived in the same home for years, it can be hard to part ways with the memories the home evokes. And, for many, selling a home can be daunting, so outlined below are the steps involved with the selling process.
Step 1: Get a Solicitor
The first step in the selling process is to hire a solicitor. If you have a mortgage, your solicitor will request for the property’s title deeds from your lender which can take time. If you do not have a mortgage, then you will simply give your solicitor the title deeds. With the deeds, your solicitor will determine if you need any additional documentation to complete the sale.
Step 2: Get a Building Energy Rating
When selling a home, a Building Energy Rating (BER) certificate is required. A BER indicates the energy efficiency of a property and checks energy usage data on home systems like water and space heating. The BER is rated on a grading scale A to G, with A representing the highest energy efficiency.
Step 3: Find an Estate Agent
You don’t have to hire an estate agent during the home selling process, though most home sellers do use one. Estate agents, who must be registered with the Property Services Regulatory Authority, will help with various aspects of the selling process such as valuing the home and coordinating viewings.
Step 4: Sale Preparation
Sale preparation involves providing your estate agent with a list of what will be included in the sale. These items may include furniture, appliances, and any damage or repairs present in the home that will not be addressed before the sale.
Step 5: Bidding Process
It can be hard navigating the bidding process, and sellers may be urged to simply accept the highest offer. However, there are other factors such as whether the potential buyer has a mortgage approval, deposit ready, etc. that also need to be considered.
Step 6: Sale Agreed
When an offer has been accepted, the home is sale agreed, which will prompt the buyer to pay a booking deposit to your estate agent. Your estate agent will also prepare a document of sale details that they will send to your and the buyer’s solicitor. Price details, sale conditions, and estimated closing date are all examples of items that will be included in the document.
Step 7: Closing
To close the sale, you will meet with your solicitor to sign the transfer deed and any other required documents. Your and the buyer’s solicitor will agree to a final closing date where you will hand the title deeds and keys over to the buyer, and the sale proceeds will be sent to your solicitor. Your solicitor is obligated to use those proceeds to pay off any existing mortgage and any leftover balance will be transferred to your account.