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Your guide to Sales Progression

20/02/2018

At Bradley & Sadler we support all our vendors through that critical final step in selling their home – sales progression. But what is this? Panic not, this article is here to help…

Sales progression explained

 

Once you’ve accepted an offer and some basic checks have been carried out your home becomes Sold Subject to Contract and you have reason to celebrate. However, there are quite a few things that still need to happen for your sale to successfully go through.

 

Memorandum of Sale

 As your agent, we’ll kick things off for you by issuing a Memorandum of Sale on your behalf to your solicitor, the buyer and the buyer’s solicitor that sets out the agreed price, ensures everyone has everyone else’s contact details and provides other essential basic information.

 

Conveyancing

 Conveyancing is the legal process by which the ownership of a property is transferred.

 

Your solicitor will draw up a draft Contract of Sale for review by your buyer and their solicitor.

 

To do this they’ll need access to the deeds for your property and, if you have a mortgage, the details of your mortgage provider who they will contact regarding any outstanding balance. They’ll also need access to other information such as any planning permission and other documentation you hold in relation to significant works on your home e.g. an extension.

 

In reviewing the contract the buyer will almost certainly have a survey done to help identify any issues which they should be aware of and they may seek to re-negotiate.

 

Time and time again we see the importance of addressing issues and queries that crop up at this stage in a speedy and efficient manner and this is where we also come in, working with you and your solicitor to continuously drive things forward and not let the sale slip.

 

Exchange of contracts

 Almost there! With the detailed legal work over, the next and arguably most important step in the process is the Exchange of Contracts. This really involves no more than you and the buyer signing copies of the final agreed contract and the buyer transferring any required deposit but it is only at this point that the sale becomes legally binding on both parties.

 

Completion

 Many people are confused by the difference between the ‘Exchange of Contracts’ and ‘Completion’. Completion is simply the date specified in the final contract on which the final monies are to be transferred by the buyer’s solicitor to your solicitor whereupon the buyer formally takes title to the property. Simples.

 

Congratulations, your sale is complete!

 

Time for a glass of something bubbly to celebrate!

 

If you have any questions about this process or would like to speak to one of our friendly agents, call our office on 0117 329 4800

 

 

 

 

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