When preparing to sell your property, you can either handle the entire process yourself or hire a property conveyancing solicitor to do the paperwork. Usually, most property owners prefer the latter because a property conveyancer is qualified in these matters. Despite this, you should familiarise yourself with the basics of conveyancing to understand the critical areas of the process. Such information goes a long way in helping you to work well with your conveyancer and understand what is required of you as the seller. Read on.
Accurate Fittings and Contents Form
The first step of any property conveyancing process involves the seller sending vital information to the buyer. Part of the information is contained in a fittings and contents form. In the paperwork, you are supposed to indicate items that are part of the sale and those that are not. These include furniture, curtains, shelving and light fittings, among others. For instance, if you do not want to include the antique furniture in the sale but want to use it for marketing your home, you can go right ahead and do so. However, when filling out the fittings and contents form, you have to exclude the furniture to avoid sending the wrong message to the buyer.
Proof of Financing
Property financing comes in many different forms, and the most common one is mortgaging. A financial institution loans the buyer money to buy a property and uses the property as security for the loan. One characteristic of mortgages is that application and release of financing can take quite a bit of time, thereby prolonging the conveyancing process. Some buyers can use this as an excuse and trick you into transferring the property even before they get the financing. Therefore, property sellers should not be too quick to sign the contract, even if the buyer shows proof that their funding will be released in a matter of hours. That is enough time for unscrupulous buyers to defraud you of your property. For this reason, ensure you instruct your solicitor not to do anything until there is proof of financing, such as a mortgage deed.
Include a Cooling-off Period
Impulse buying is a common phenomenon that often leaves the seller distraught with their purchasing decisions, especially for a significant purchase such as a house. Therefore, a property seller that understands the potential buyer should include a cooling-off period in the sale contract and inform the buyer of the same. The period is usually a maximum of two business days and gives the buyer a chance to reconsider their purchase. If they decide that the purchase was not well thought out or if circumstances change within the two days, then they can cancel the contract. However, the buyer has to forfeit a percentage of the payment. It means the seller does not incur any costs.