Selling a property can be a complicated process. But as the seller, you can encourage a smoother transaction by simply being a little informed and appointing a quality legal partner to carry out your conveyancing. Here are a few top legal tips from the conveyancing team at Prosperity Law, for your upcoming property sale.
1. Conduct a comprehensive property inspection
Prioritising a thorough property inspection at the beginning of the sales process will ensure you’re aware of any identifiable issues, or repairs required. As the seller you are obliged to disclose any known defects or issues with the property, a detailed inspection will help you to uncover any that exist. Some of these you might want to address, so as not to affect the price you’ll get for your property, whilst others you may negotiate with the buyer. If this is the case, work with the buyer, your estate agent and the respective conveyancers to carry out negotiations fairly and within legal bounds.
2. Thoroughly review the purchase agreement
The purchase agreement is central to every property transaction. With support from your appointed conveyancer, pay close attention to all terms and conditions listed in the agreement, ensuring that they match your understanding of the deal. If you’re unsure of anything in the agreement, consult your solicitor.
3. Understand contingencies
Contingencies can prevent the conclusion of contracts and both buyers and sellers can back out of the deal if certain conditions aren’t met. Common contingencies from the seller’s perspective include the buyer’s financing, and the sale of their current property. Make sure you’re aware of these contingencies within your transaction and how they might impact the transaction timeline.
4. Be prepared for unexpected delays
There is an unpredictability about property transactions, especially where aforementioned contingencies come into play. Protect against unexpected delays by keeping open lines of communication with the buyer and working with your solicitor to guide you through any unforeseen challenges.
5. Understand tax implications
Property transactions can often have tax implications, especially for the seller. Whilst these implications will differ depending on your jurisdiction, you should be aware of what they are, early on the in sales process. Consult an appropriate tax lawyer or accountant to understand what these are, how and when they will be paid, and how they might affect your overall investment.
6. Appoint a reputable conveyancer
Navigating the complexities of a property sale is significantly easier when you’re working with an able legal partner that you trust. To discuss representation for an upcoming property transaction, get in touch at warren@prosperitylaw.com Or, if you’re buying a property, take a look at our legal tips for buyers.
