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Frequently Asked Questions

What is meant by “Valuation of your property completed”?

This refers to the initial step where a professional evaluates the worth of your property. It’s crucial to determine a competitive price for the market.

Why is the property measured, photographed, and written up?

Before listing the property, it’s documented in detail. Measurements ensure accuracy in listings, photographs showcase the property, and the write-up provides potential buyers with a description.

Why should I get my solicitor to draw down my deeds?

The deeds prove ownership and are necessary for the legal transfer of property. Having them ready speeds up the process.

What documentation is required for my property?

You should gather all relevant documents, including certificates of compliance which certify the property meets certain standards, and any exemption certificates if applicable.

What does “placing your property on the market” involve?

This step involves advertising your property to potential buyers. It might be listed on websites, in estate agent windows, or in newspapers.

What’s meant by “Viewings are organized at a time suitable to you”?

Potential buyers will want to see the property in person. Viewings will be arranged at times that are convenient for you to ensure minimal disruption.

How do the online bids work?

Bids can be made online any time of the day, all year round. This system allows for a wide range of potential buyers from different locations to participate.

What is the “Bidding Clock”?

This refers to a set time frame during which bids can be placed on your property. Once the clock runs out, no more bids can be placed.

How is the “Sale agreed in conjunction with you”?

Once bids are in or an offer is made, the seller has the right to accept or decline. If terms are agreed upon by both parties, the sale is then “agreed.”

What’s the “Booking deposit”?

This is a deposit paid by the buyer to secure the property. It shows their intent to follow through with the purchase.

Why are “Contracts issued”?

After the booking deposit is received, formal contracts are drawn up and issued. These detail the terms of sale and the legal obligations of both parties.

Why is there another mention of “Booking deposit received”?

Sometimes, an initial smaller deposit is taken when the sale is agreed, followed by a larger deposit upon contract exchange. The steps might vary based on the specific agreement.

What happens during the “Buyers sign contracts” stage?

About 3 to 5 weeks after agreeing on the sale, buyers sign the contracts and pay a non-refundable deposit. Once the vendor (seller) counter-signs, the sale is legally binding.

Why is the “Closing date” important?

This is the date when the property officially changes ownership. Payments are finalized, and keys are handed over.

Are closing dates fixed?

Not always. While a date is agreed upon, various factors can cause changes. It’s noted that these dates are not set in stone.

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