Useful Information – When Selling
Decide on an Estate Agent ( Lawrence J Conway Property Services ) you are going to employ.
Who you chose to sell your property will be managing the sale of probably the single biggest asset that you own. If it is your home as well, they will be involved in one of the most stressful things that you will undergo behind bereavement and divorce or separation – moving house. It is essential that you chose an agent who, above all, is going to represent your interests; who will work with you keeping you advised at every step of the way; who has scrupulous attention to detail and will be proactive and creative in their marketing approach. Remember they will pay a critical role in how smoothly this whole process goes. Make sure that you are confident that they have the skills they need and that you actually like them and have a sense of confidence in their abilities.
Look at their marketing approach. It is essential that your property is seen by as many people as possible while it is being marketed. The vast majority of buyers will see your property on the internet. It will be among literally hundreds of others so it is essential that it is marketed in an eye-catching way. We are one of the very few agents who advertise on all the major property portals and employ all the tools available. This together with the use of quality, eye-catching photography and floor plans ensure that we generate a higher level of “click rates” than other agents.
- You will need a BER certificate.(Mandatory)
- Agree a fee structure – Fees are normally negotiated at % of selling price.
- Agree an advertising budget, this can vary, depending on whether you sell your property by private treaty or public auction.
- Remember when you decide to sell your property- it is important to let as many people as possible know your house is for sale, therefore it is very important to have a sign erected in your garden.
- We will arrange a structure for appointments that is flexible for all concerned and that will not impinge too much on your daily routine.
- So if you have decided you are selling?? Tel:01 2343105 or email, us now and we will be delighted to look after you.
You Will Need a Solicitor
- Solicitors Fees: up to 1% + v.a.t. + outlay.
- If you are buying and selling your solicitor will probably quote you an overall fee for both.
- Have you any extensions which require planning permission? These should be resolved at the beginning as this can cause delays later in the sale.
- Are there any structural, or other problems? It may be important to have a survey carried out as this also can delay the transaction, if the potential buyer raises any queries in relation to any defects.
- Instruct your solicitor as early as possible so that they can arrange the necessary paper work. They will then be ready to issue contracts as soon as your auctioneer has agreed the sale.
Presentation of property
First impressions really do count when it comes to property. Try and present the property in its best possible light. Where possible the decoration should be fresh and neutral. The property should be as clean and tidy as possible. When potential buyers come and view the property you want them to be able to imagine living there. If the property is cluttered with your personal possessions it becomes harder for your potential buyer to imagine it as theirs. Do have fresh flowers in the house and the old adage about brewing the coffee or baking on is not without basis – good aromas can positively affect initial impressions. If you have pets, try and keep them contained, in this way you are not encountering unnecessary problems around phobias or allergies.
We at Lawrence J Conway Property Services accompany all viewings wherever possible, as we believe this is an essential part of the selling process. How this is handled will make a huge difference to the first impressions that you potential buyers will have of the property.
Accepting an offer
We are legally bound to put all offers forward to you and will always ensure that we have as much information about the prospective buyer as is possible. Clearly your decision is not based on the level of the offer alone – you need to know that the buyer can afford it and that they are in a position to proceed.
The progression process
Sales can absolutely be made and lost at this point and it is critical that someone is overseeing the process and ensuring that all parties in the chain are on target. Our staff will oversee this whole process and will keep you advised of any developments as they happen.
Exchange and completion
Once contacts have been exchanged your buyer will then have deposited a 10% deposit (unless a different amount was negotiated initially) and they will be legally bound to buy your property. At this point a completion date will have been set.
You must ensure that you are out of the house at the appointed time and that you have cleared all your personal effects from the property except those that form part of the sale.
Useful Information – When Buying
- Solicitors Fees up to 1% + v.a.t. @ 21% + outlay
- Valuation Fees from €150.00 plus v.a.t.
- Surveyors Fees from €200.00 plus v.a.t.
- Mortage – Loan ?? How do I arrange this – Bank, Building Society, or
- Mortgage Broker -There are normally no fees payable for this service.
- Mortage Protection Policy – Cost depends on amount & term of mortgage and ages of borrowers.
- Household Insurance – This cover has to be in place before draw down of mortgage.
- Stamp Duty.
If you are thinking of moving, most buyers will have registered online with agents in their area or will respond to something that you have seen advertised on one of the property portals. On the whole you will have no choice about the agent you deal with as the vendor will have chosen who they want to represent them. Clearly we hope that you are buying your property through Lawrence J Conway Property Services and have compiled the following checklist so that you know what the process involves and how to avoid some of the common pitfalls.
Putting in an offer
You will have worked out what you can afford and, when you find the property you want, will put in your offer accordingly. The agent acting on behalf of your vendor has a legal responsibility to put your offer forward and will give you feedback on the vendor’s response. The process of negotiating around the price can be lengthy and there are no fixed rules but do make sure that you are clear as to exactly what you want included in the sale in terms of fixtures and fittings.
Substantiating your offer
It is likely that you will be asked to substantiate your offer. You may already have an AIP (Approval in Principle) from your lender in which case you will be able to provide this in writing. It may be that you have not chosen a mortgage product yet in which case you may be asked to provide proof of funds. You will also be asked what the position is with regards to your current property and whether your purchase is subject to a sale. Obviously, from the vendor’s perspective you are more attractive as a buyer if you either do not have to sell a property to proceed or are a long way down the road to selling the property you are currently living in.
Acceptance of the offer
Once the vendor accepts your offer you will need to provide details of your solicitor. You will then be sent a Memorandum of Sale by the agent. This will list the two parties (vendor and purchaser) and their legal representation, the agreed price and any fixtures and fitting agreed in the price. Also it will detail any special agreements i.e. whether you have agreed an exchange date.
Normally a booking deposit is payable to the auctioneer or estate agent, to secure the property you are buying, this is usually between 2.5% & 3% of the purchase price of the property. The conditions of payment of this deposit should be subject to contract, good title, survey & loan approval. This is fully refundable prior to signing of contract.
On signing the contract to purchase your property the deposit is normally 10% of the purchase price, less any booking deposit already paid.
We would recommend that you use a specialist firm for the conveyancing, they tend to be cheaper and more efficient than general practising solicitors. We are happy to recommend a firm should you wish.
Make sure that you compare all available products that are available on the market. Even if you have been with your current lender for some time, do make sure that you have the most competitive product on the market. It could amount to €100s per month difference.
The progression process
The agent and your Solicitor should keep you informed of the progression of the sale. Most offers are subject to at least a valuation and often a survey. Local authority searches will need to be commissioned and enquiries raised with the vendor. If you are involved in a chain, your exchange and completion will have to be synchronised with the other people in the chain. This is often a complex process.
Arranging buildings insurance
Remember that you are responsible for insuring your new home from the day that contracts are exchanged. Again, ensure that you have looked at a range of products comparing competitiveness and what is actually covered. Not all insurance products or companies are the same. We have found that many of our clients have come away from the cheaper end of the insurance market as when they have come to make a claim they have found that they were not covered as comprehensively as they thought.
Completion of Sale – Closing Date
This date is agreed, when you sign the contracts to purchase your property, the balance of the monies due are then payable, together with your stamp duty and any other fees due at that time.