How to Sell Your Property Guide

Before you list your property on the market, it's crucial to thoroughly prepare to ensure a smooth and successful sale. Here's what you need to consider:

Property Valuation

The first step is determining the market value of your property. You can use online valuation tools, consult with local estate agents, or hire a professional surveyor for a more accurate assessment. Several factors influence a property's value, such as its location, size, condition, local property market trends, and recent sales of comparable properties (comps). Accurate pricing is vital; setting an excessively high price can discourage potential buyers, while setting it too low can result in financial loss.

Gathering Paperwork

Collect all necessary documentation related to your property, which includes title deeds, an Energy Performance Certificate (EPC), property information forms, and any relevant planning permissions or building certificates. These documents are essential for potential buyers and their solicitors during the legal process. An EPC is mandatory and rates your property's energy efficiency, providing buyers with insight into potential monthly bills.

Repairs and Upgrades

Address any necessary repairs or improvements to enhance your property's appeal to potential buyers. A well-maintained property often fetches a higher selling price. Consider simple tasks like fixing leaky faucets, repainting walls, and replacing worn-out carpets. Pay attention to the external features as well, such as the front garden or yard and driveway, as first impressions are lasting.

Choose an Estate Agent

Research and select a reputable estate agent who has extensive knowledge of your local property market. They can provide valuable guidance, list your property, and handle negotiations on your behalf. An experienced agent brings market insights, marketing expertise, and a network of potential buyers, which can expedite the selling process.

 

By following these steps and attending to each detail, you can maximise your chances of a successful sale.

Once your property is ready to be marketed, it's crucial to effectively attract potential buyers. Here are some strategies you can implement to showcase your property's key features and reach a wide audience.

Professional Photos and Descriptions

Work closely with your estate agent to create eye-catching, high-quality photographs that capture your property's strengths. Additionally, ensure that the property descriptions are well-written and highlight the unique selling points of your property. This will greatly enhance the appeal of your property to potential buyers browsing online listings.

Online Listings

Listing your property on popular online platforms is essential, as most buyers begin their property search online. Collaborate with your estate agent to create accurate and engaging listings that reach a wide audience. Consider incorporating video tours into your online listing, as they allow buyers to visualize their life in your property.

Brochures and Print Media

Consider creating physical brochures that potential buyers can take with them after property viewings. These brochures should contain essential information and professional photos of your property. The tangible nature of brochures can leave a lasting impression and provide detailed property information that may not have been conveyed during an open house event.

Open Houses and Viewings

Coordinate with your estate agent to schedule both open houses and individual viewings. Prior to these events, ensure that your property is clean, clutter-free, and well-presented. Open houses allow multiple potential buyers to view your property simultaneously, creating a sense of competition and urgency. Individual viewings provide a more personalised experience, allowing buyers to ask questions and thoroughly explore the property.

 

By implementing these strategies, you can effectively market your property, attracting potential buyers and increasing your chances of a successful sale.

Once you choose an estate agent they will put your home up for sale. You must then wait to see if anyone is interested in buying your home.

Fixing a closing date

If a number of people formally tell your solicitor that they're interested in buying your home, you can set a closing date.

This is a deadline by which all written offers must be given to your solicitor. Even if you use an estate agent, the offers will usually be sent to your solicitor.

If there isn't much interest in your home, you will have to decide whether to wait longer for interest to gather, or state that you're willing to consider individual offers.

Considering offers

When your closing date ends you can look at all the formal offers that have been made by people who want to buy your home.

You don't have to accept the highest offer. You don't have to accept any offer at all, if you don't want to.

Offers will usually include conditions to suit the person who wants to buy the home. These may include:

• A moving in date
• Any items in your home that they want to include in the price
• Technical conditions based on the information in your Home Report
• If the person who made the highest offer has added conditions you aren't happy with, your solicitor will see if they want to negotiate

If not, you'll have to decide whether to accept a lower offer with conditions you like, or to re-advertise your home for more offers.

If you get an offer to buy your home and you're happy with it, your solicitor will send a letter called a 'qualified acceptance'.

This letter tells the buyer you accept their offer, and lists any conditions you want the buyer to agree to before you'll go through with the sale.

Your solicitor and their solicitor will then send each other a series of letters called 'missives'.

These letters are used to negotiate the conditions you and the buyer have, so you can both come to an agreement.

Once you're both happy with the conditions, a 'concluding missive' will be written. This is a binding contract between you and the buyer.

Conveyancing

After the missives have been sent and a deal has been agreed, your solicitor will start the 'conveyancing'.

This means they will go through the legal process that transfers ownership of the home from you to the buyer.

As part of this, the buyer's solicitor will inspect the deeds to your home and make sure:

you actually own the home
there are no unusual conditions in the deeds that may affect the buyer
the buyer is aware of any burdens in the deeds (legal limitations, like not being allowed to build a fence on the property)
If you have a mortgage, you have to repay the loan before anyone else can buy your home. Your solicitor will arrange the repayment.

Settlement

The last step in buying a home is the 'settlement'. This is when you get possession of the home, and usually happens on the agreed date of entry.

Settlement means your solicitor will:

• Confirm to your lender (if you have one) that the home is now officially in your name
• Get the loan cheque from your lender (if you have one)
• Get your contribution towards the cost of the home
• In return for handing over the cheque for the cost of the home, the solicitor will get the 'disposition' (the document that transfers ownership from the seller to you), the deeds and the keys

If you have a lender, the deeds will be given to them as security. If not, you should ask your solicitor to put the deeds in safekeeping.

Selling a property in Scotland encompasses a comprehensive process that includes valuation, preparation, marketing, negotiation, legal procedures, and completion. It is crucial to acknowledge that each property sale is unique, and seeking guidance from professionals like estate agents, solicitors, and conveyancers is vital to ensure a successful and seamless transaction.

By diligently following the steps outlined above and collaborating closely with experienced professionals, you can navigate the property selling process with confidence and achieve the best possible outcome. Remind yourself that, although the process might appear intricate, with proper preparation and guidance from the right estate agent, you can effectively sell your property and embark on your next adventure.