What to Expect When You Sell your Property Privately

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A house miniatureIf you decide to sell property on your own, you’d save a significant sum since you won’t have to pay a property agent. Additionally, you’d have more control over the negotiations and sale process since you’d be the one directly dealing with prospective buyers.

It’s crucial to note, however, that selling property is a complicated process, since it involves a couple of steps. You may need help from relevant professionals such as a property lawyer in Wellington. To start you off, the following are steps that you can expect when selling your property privately:

Before the Sale

First off, you have to determine your property’s market value. For this you’d need to work with a property evaluator. This should prepare you for the rest of the selling process, and should set your expectations about how much you can stand to make on the sale.

Even before selling, there are a few preparations you should make. You’re legally responsible for disclosing relevant details about your property to prospective buyers. Relevant details differ from one property to another, but may include issues with unconsented modifications, boundary, or weather-tightness, confirmed contamination of methamphetamine and potential impact of future developments, among others. Failing to inform potential buyers about these issues could backfire if the sale goes through because you’d be in breach of contract with the buyer. When this happens, the buyer could sue you.

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Posting Your Sale

There are a couple of ways you could sell your property, and you would need to determine which method is most appropriate for your circumstances.

However, prior to signing anything, you need to work with a property lawyer or conveyancer. Your lawyer would draft the sale and purchase agreement for you, which specifies all the terms and conditions you agreed upon with the buyer. Signing this agreement renders it legally binding.

Once the sale and purchase agreement has been signed, your lawyer should create a trust account to hold the deposit of your buyer until the sale is considered unconditional.

Selling your property isn’t as easy as you think because of all the time and work involved. Selling privately could be risky and could potentially leave you short on money and time. However, as long as you work with reputable professionals to guide you along the way and have all the legalities covered, you should be fine.