Sale
On the "completion date" you should receive the money and sign over the property. The buyers are entitled to move into possession of the property they have bought free of you, your family, any claims on the property and any of the property's contents at all (apart from those they have agreed to buy, which must, of course, remain there).
The date, the price and the terms on which the property is taken are formally agreed and become binding from the date on which your solicitor, "exchanges contracts" with the buyer's solicitor. On this date a deposit is usually paid to us by the buyer. If the buyer fails to complete the purchase you will probably be entitled to retain the deposit (and the property). If you fail to complete, the buyer will recover his deposit and you will face a substantial claim for compensation also.
It is clear then that exchange should only take place when you are confident that you can vacate the property and the buyer is confident he wants to buy the property that you are offering to him and he will be able to pay the price. It is therefore convenient to consider the following matters that must be dealt with before exchange from the perspective of what the buyer needs to know before he will give his solicitors instructions to proceed.
After exchange you have an obligation to ensure that so far as is reasonable the condition of the property remains the same. You should not cancel your insurance cover until completion unless we advise you to do so.
Most sales of properties proceed smoothly, but you can see the risks involved and the possibility that the buyer will not be able to proceed and will therefore withdraw before exchange of contracts. For this reason you may decide you want to keep advertising the property until exchange of contracts in the hope of securing an alternative buyer if the present buyer drops out. However, the buyer may object to this in which case you and your agent will need to resolve this matter.
We set out a timetable of events which we hope will assist you in your transaction:
The process
| Before exchange | |
|---|---|
| What you need to do |
What we need to do |
| Do you need to obtain a Home Information Pack before marketing your property? If so, please contact us to discuss. |
We will prepare the contract package, which will include obtaining a copy of your title, completed property information forms, copy lease (if applicable), management information package and any planning and/or building regulations documentation. We will then send this to your buyer’s solicitors. |
| Agree fixtures and fittings list with buyer | |
| Confirm responses to preliminary enquiries we send you | We will send these to the buyer’s solicitors. |
| Advise what is to be done with the proceeds of the sale | |
| Sign contract or authorise Russell Jones and Walker to sign on your behalf | |
| Consider whether the level of deposit is acceptable | |
| Are removal arrangements in place? | |
| Can you be "out" by the time before or on the date of completion? | |
| After exchange | |
| Arrange for final readings/accounts for gas, electricity, telephone, water rates, council tax | We will obtain a redemption statement from your lender (if applicable) and prepare a completion statement. |
| Agree arrangements for the buyer to collect the keys. However, the majority of buyer’s collect keys from the estate agents, if one involved. | |
| Sign transfer document | |
| On completion | |
| Cancel Insurance | We will redeem your mortgage (if applicable) and send the proceeds to your designated bank account. |
If you have any queries, please contact a member of the property team, for information or a quote, on 0207 657 1459/0207 657 1456 or email property@rjw.co.uk.
FAQ's
Frequently asked questions about selling your house.