I am in a process of selling my house for the first time. My knowledge is limited and I know only it involves exchange and completion.
I accepted an offer on a condtion that the exchange needs to take palce within 28 days followed by completion 2 weeks after it.
3 weeks have passed but I don’t hear anything from my estate agent. I rang him up and he told me 28 days is counted from the date of receiving some documents from the buyer’s solicitor. I didn’t know that. Neither my estate agent or solicitor explains what invovlves in the house sales. I have only spoken to the solicitor on the phone and never met her in face. Is that normal? What should I be aware of in the property sales and what is the tell-tell sign of collapse of sales?
Normal to not meet Solicitor.
The papers they are waiting for are probably the memorandum of sale.
You have to chase the Estate Agents and the Solicitors on an almost daily basis….otherwise they will just let it ride a slow course.
At the Exchange, this means that the two lawyers have exchanged contracts…..you agreeing to sell and the other agreeing to buy. After that, backing out can cost around 10% of the agreed price – to whoever pulls out.
Completion is usually about a week after exchange, it basically means that all the papers are done, the mortgage/estate agent/lawyer has been paid and the balance is on its way to your bank.
Do not move out or allow other party in the house until your lawyer tells you that completion has taken place. The money can take a working day to get in your bank (After completion) but the lawyer will advise.
House sale – Nobody tells me how it works?
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Assumming that the buyer is qualified in a respects;
First, get some better representation. Next, it may take longer for the ‘closing’ to complete, but that means you can rescind the offer – but you don’t have too. What you might do is tell the current representation that you are considering rescinding the offer – see what they say. and second, ask your friends or customers who they use and maybe get better people behind you.
A sale has collapsed when you collapse it.
References :
MBA
I can only tell you that in the US, the 28 days would start at the time the buyers accepted your condition. You don’t sound as if you are in the US, so this probably isn’t helpful to you. Sorry.
References :
You contact a lawyer to represent you before you sign anything. If you haven’t signed on or given your solicitor any money then find one by recommendation. If you have to have this solicitor then meet with her at once before anymore time has passed and ask her all your questions.
References :
http://www.century21.com/sell/learn.aspx
P.S. you said within 28 days you need to be more adamant with your realtor he works for you ur paying his commission it isn’t a favor he is granting you. You should also meet with the solicitor as to avoid any kinks in the exchange.
References :
Normal to not meet Solicitor.
The papers they are waiting for are probably the memorandum of sale.
You have to chase the Estate Agents and the Solicitors on an almost daily basis….otherwise they will just let it ride a slow course.
At the Exchange, this means that the two lawyers have exchanged contracts…..you agreeing to sell and the other agreeing to buy. After that, backing out can cost around 10% of the agreed price – to whoever pulls out.
Completion is usually about a week after exchange, it basically means that all the papers are done, the mortgage/estate agent/lawyer has been paid and the balance is on its way to your bank.
Do not move out or allow other party in the house until your lawyer tells you that completion has taken place. The money can take a working day to get in your bank (After completion) but the lawyer will advise.
References :